Brent Oil Surpasses $101.21 Amid Middle East Tensions and Supply Concerns

Brent crude traded to a close of $101.21 per barrel on September 9, while U.S. West Texas Intermediate (WTI) closed at $96.05 per barrel. The Associated Press reported heightened risks of attacks on Middle East oil facilities and vessels as tensions between the U.S. and Iran escalate. Concerns over potential disruptions to oil shipments through the Strait of Hormuz also contributed to supply anxiety. Axios noted that Brent crude had surpassed $105 and WTI exceeded $100 on September 10.

U.S. wholesale prices rose 0.4% month-over-month and 5.4% year-over-year in August, with diesel prices increasing 24% over the past month, according to reports.