Oil Prices Surge On Fears Of US-Iran Escalation, US Hurricane Threat
(RTTNews) - Oil prices surged nearly 4 percent on Thursday amid heightened concerns of U.S.-Iran war escalation.
Brent crude prices were up 4.1 percent at $104.32 a barrel, reversing losses from the previous session after reports suggested that the White House asked Pentagon to develop options to strike Iran before the midterm elections, but no final decision has been made.
WTI crude futures soared 4 percent to $91.83 a barrel amid the threat of a hurricane off the U.S. coast. Tropical Storm Isaias is expected to reach the U.S, Gulf Coast late Friday as a hurricane.
Oil companies operating in the Gulf of Mexico have begun curbing production and evacuating personnel from offshore facilities.
On Wednesday, oil prices rose on fresh concerns about Middle East supplies, before falling after the International Energy Agency agreed to speed up a planned release of oil stocks and prioritize diesel in a bid to curb record-high fuel prices.
Seven commodity vessels passed through the Strait of Hormuz on Tuesday, the lowest figures since July 23 after attacks in the key waterway reached their highest last week since the start of the U.S-Israeli war with Iran, according to data from analytics firm Kpler.
The U.S. State Department urged citizens to exercise heightened vigilance after Houthi strikes on two Saudi airports killed three people and injured 36.
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