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Oil prices shift amid Middle East tensions
Oil prices fluctuated today amid escalating tensions in the Middle East and attacks on oil facilities. Brent crude settled at $109.55 per barrel, after declining earlier in the day, while West Texas Intermediate rose to $103.66, the highest level since September 15. The explosion of a oil tanker after it hit a mine in the Strait of Hormuz led to a reduction in regional oil flows to 8.5 million barrels per day, down from over 20 million, with 10 incidents targeting commercial ships reported. Analysts expect these disruptions to be short-term, as Iran continues to escalate attacks ahead of the U.S. elections, despite international efforts to halt the export of Iranian and Russian fuel alike.
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