WTI jumps 1.8% as Middle East tensions grow - Breaking The News

WTI jumps 1.8% as Middle East tensions grow

1 November

1 min read

EPA-EFE/RONALD WITTEK

Crude prices for future contracts rose on Wednesday as tensions in the oil-rich region deepened, spurring concerns about the commodity's supply ahead of the heating season.

Iran previously called on the Islamic countries to halt food and oil exports to Israel amid the raging conflict with Hamas. It appears that the ongoing fighting between Israel and the Palestinian militant group raised worries that the conflict could spread to other countries in the region.

West Texas Intermediate (WTI) for December deliveries climbed 1.81% to sell at $82.50 per barrel at 7:22 am ET. Brent for January settlements gained 1.72%, trading at $86.47 a barrel.

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