Oil tops $103 as Middle East risks mount

Crude oil rose past $103 a barrel on Thursday, its highest level since May 19th, as escalating tensions in the Middle East raised fears of prolonged disruptions to global energy supplies. Top White House advisers reportedly discussed with President Donald Trump the possibility that the Iran war could drag on past Inauguration Day in January 2029. Iran’s Houthi allies in Yemen struck several energy facilities in Saudi Arabia this week, raising concerns that the conflict was broadening. 9 million barrels a day.

Iran reported strikes on US warships and tankers in the Persian Gulf, while the US said it had hit 10 Iranian tankers. Adding to upward pressure on prices, oil tanker rates have jumped to record highs, while US crude inventories fell by 300,000 barrels in the week ended September 4th. 3 million barrels per day.