Oil Prices Rise as Middle East Tensions Fuel Supply Fears, US Escalates Pressure on Iran
The Strait of Hormuz remains disrupted, with conflicting claims over its status.
TL;DR
- Oil prices rose on August 20th due to fears of energy supply disruption from the Middle East.
- Brent crude futures for October delivery increased by 1.3% to $92.82 per barrel.
- U.S. West Texas Intermediate (WTI) crude futures for September added 92 cents to $86.75 per barrel.
- Both Brent and WTI benchmarks reached their highest levels since late July.
- This marks the fifth consecutive session of gains for both oil benchmarks.