By midday, NYMEX October West Texas Intermediate crude futures rose 65 cents to $90.85 per barrel, while November contracts gained 45 cents to reach $88.20. International benchmarks followed suit, with October Brent crude climbing $1.05 to $95.70 per barrel. These gains reflect a broader $6 to $7 surge over recent days, fueled by persistent anxiety surrounding the six-month-old conflict that continues to disrupt vital energy supply chains.
In section Market Quotes
Middle East Tensions Push Crude Oil Prices Toward Monthly Highs
Crude oil futures climbed for the third consecutive session on Wednesday as fresh military exchanges between the United States and Iran extinguished investor optimism regarding a near-term recovery of regional petroleum exports. The escalation keeps global markets on edge, driving benchmarks toward their highest levels in over a month.
Market participants are currently balancing these geopolitical pressures against fresh data from the Energy Information Administration. The report indicates a decline in U.S. crude and gasoline inventories for the week ending Friday, despite a concurrent drop in overall demand. While distillate stocks recorded a modest increase, refined products like October ULSD saw only marginal movement, trading at $4.6885 per gallon following the previous session's significant price spike.
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