Oil Prices Surge Sharply Amid Escalating Middle East Tensions

Deep News09-08 20:16

Oil futures rallied sharply on Thursday, propelled by escalating geopolitical risks in the Middle East, with Brent crude climbing to an intraday peak of $99.20 per barrel.

As of 16:09 Beijing time, light sweet crude for October delivery on the New York Mercantile Exchange traded at $94.46 per barrel, marking a solid gain of 3.26%. Meanwhile, Brent crude for November settlement on London's ICE exchange advanced 2.24% to hit $99.17 per barrel.

The market's upward momentum reflected growing concerns over potential supply disruptions in the region, as investors priced in heightened uncertainty stemming from the latest developments in the Middle East.

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