Oil hits 3-week high on Middle East supply concerns amid war impasse
XLE•Oil prices reach three-week highs
Oil prices climbed to three-week highs on Thursday, driven by concerns that the impasse in the Iran war will continue to disrupt supply from the key Middle Eastern producing region.
Brent crude futures for October delivery rose $1.20, or 1.3%, to $92.82 a barrel by 0813 GMT, while U.S. West Texas Intermediate crude futures for September added 92 cents to $86.75 a barrel. The more-active October WTI contract was up $1.13, or 1.3%, to $85.52.
Both Brent and WTI benchmarks hit their highest since late July during the session, gaining for a fifth straight session and having settled on Wednesday at their highest since July 24. The September WTI contract expires later on Thursday.
