WTI October futures hit 14-week high amid Middle East tensions
WTI October crude futures rose to a 14-week high of $94.73, supported by escalating Middle East geopolitical tensions after tanker and warship strikes and renewed risks to Saudi energy infrastructure.
73. He said prices remain underpinned by escalating geopolitical tensions in the Middle East after a weekend of strikes involving tankers and warships. Iaccino also pointed to renewed risks to energy infrastructure after attacks forced temporary shutdowns at several Saudi energy facilities, including the Jazan refinery, saying the combined risks to shipping and production are keeping crude elevated amid ongoing uncertainty.