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Oil prices rise amid US-Iran tensions
The rise in oil prices resulted from renewed military attacks between the United States and Iran, which led to a halt in global oil supplies. The conflict between the two sides has continued for the seventh month, with direct strikes exchanged on Iranian and American targets, causing Brent crude to rise to $95.63 per barrel and West Texas Intermediate to $91.01, with fluctuations during the session. There are fears that escalating the conflict could disrupt oil flows through the Strait of Hormuz, which Iran has partially closed, leading to a decrease in the number of passing ships. However, the amount of oil that crossed the strait on Monday was the largest since the start of the war with Iran, exceeding 17 million barrels. It is expected that the OPEC+ group will maintain its oil production policy in October, moving toward lifting previous production cuts.
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