Oil gains on Middle East supply fears
Oil prices rose today after sharp declines in the previous session, amid renewed concerns over energy supplies in the Middle East, particularly due to tensions related to the Strait of Hormuz. Brent crude for October delivery increased by $1.15 to reach $84.92 per barrel, while West Texas Intermediate rose to $81.16, after falling more than 7% and 5% respectively earlier. This comes amid uncertainties in negotiations between the United States and Iran over control of the strait, along with rising security threats in the region, reflecting ongoing uncertainty and persistent risks to global oil supplies.
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