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Oil prices climb on Iran strike fears
Oil prices continued to rise sharply, surpassing 5%, amid concerns that the United States might carry out potential strikes against Iran before the midterm elections in America scheduled for November 3rd. As of 10:50 AM GMT, Brent crude for December delivery reached $105.30 per barrel, up 5.09%, while West Texas Intermediate (WTI) crude oil traded at $92.80, an increase of 5.12%. This surge follows a temporary decline earlier in the week, which was driven by the return of oil exports from the Middle East and stable energy inventories. However, regional tensions have escalated again, with Iran intensifying its attacks on oil tankers and risks of escalation in Yemen, fueling fears of supply shortages and rising prices. This comes amid possible U.S. moves to strike Iranian targets before the elections, with estimates suggesting wider strikes could follow after the results, thereby causing market anxiety and fueling fears of global stockpiles shrinking to concerning levels.
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