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Oil climbs 1% on Strait concerns
Oil prices rose by approximately 1% amid escalating tensions in the Middle East, as the United Arab Emirates announced the suspension of all financial transactions with Iran, raising concerns about the closure of the Strait of Hormuz, through which about one-fifth of global oil supplies pass. Brent crude reached its highest level since July 30 at $91.89 per barrel, while West Texas Intermediate futures increased to $86.11. Ongoing tensions, including the UAE severing ties with Iran and Iran's military escalation, have led to higher risk premiums, with forecasts suggesting prices could exceed $100 if tensions continue. Meanwhile, US oil inventories rose to 428.8 million barrels, as global refineries continue to buy large quantities of oil to capitalize on elevated refining margins.
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