Oil prices climb as Iran tensions persist
- Brent crude and WTI futures reached three-week highs as traders assessed potential Middle East supply disruptions.
- Brent rose 1.3% to $92.82 per barrel, while active October WTI increased 1.3% to $85.52.
- Market analysts said uncertainty around Iran tensions and peace talks continues to influence oil prices.
Brent crude futures for October delivery rose $1.20, or 1.3%, to $92.82 per barrel, while October West Texas Intermediate (WTI) crude futures increased $1.13, or 1.3%, to $85.52 as concerns over Middle East supply disruptions pushed prices higher.
Both benchmarks reached their highest levels since late July during Thursday’s session, extending a five-session gain as markets monitored developments involving Iran, the United Arab Emirates and regional shipping routes.
The UAE suspended financial and economic transactions with Iran until further notice, while shipping traffic through the Strait of Hormuz remained below pre-war levels after conflict-related disruptions reduced flows through the key oil route.
Following the announcement, Brent crude's price was up 1.3% at $92.82 per barrel and WTI crude was up 1.3% at $85.52 per barrel.
Oil markets have been affected by reduced crude availability for refiners, with lower refined fuel supplies contributing to inventory declines, including a third consecutive weekly fall in U.S. distillate fuel stockpiles, according to the Energy Information Administration.
Before the conflict began with U.S. and Israeli strikes on Iran on February 28, shipments representing about one-fifth of global oil consumption moved through the Strait of Hormuz, while current flows remain below previous levels as diplomatic discussions continue.
