WASHINGTON: Renewed tensions in the Middle East have raised fresh concerns over global oil supplies, pushing crude oil prices higher for the fourth consecutive session. During early trading on Wednesday, September 9, oil prices gained more than $1 a barrel.
Brent crude futures rose 1.4% to $99.33 per barrel, while US West Texas Intermediate (WTI) crude also gained 1.4% to reach $94.34 per barrel.
The price of Brent crude has climbed by around 25% since the beginning of August, as hopes for a permanent end to the six-month-long war have weakened and fighting has intensified again in the region.
With tensions continuing to escalate, Brent crude is now rapidly approaching the key $100-per-barrel mark, raising concerns about further pressure on global energy markets and the potential for additional disruptions to oil supplies.
