Crude oil prices rose to $94.14, with Brent later surpassing $106 per barrel amid escalating geopolitical tensions in the Middle East. Key drivers included Iranian threats in the Strait of Hormuz, attacks on tankers, and discussions between the U.S. and Israel regarding potential military operations against Iranian targets. Despite White House assurances that no strikes would occur before the U.S. midterms, market concerns were further fueled by a drain in global inventories and OPEC's forecast for stronger demand next year.
Oil prices climbed as Iranian attacks on tankers intensified and global inventories drained, supported by bullish OPEC demand forecasts for next year.
Read the full storyReports indicate high-level U.S.-Israel talks on targeting Iranian nuclear sites, though the White House rules out action before the upcoming midterm elections.
Oil prices edge higher following Iranian threats to shipping lanes and coalition strikes on a Houthi-controlled oil facility in Yemen.
