Oil Prices Rise as Middle East Tensions Renew Supply Concerns

Oil prices rose on September 1 as renewed tensions in the Middle East raised concerns over potential disruptions to supplies from one of the world’s key crude-producing regions.

Brent crude futures increased by 56 cents, or 0.6%, to $91.05 a barrel, while US West Texas Intermediate crude gained 83 cents, or 1%, to $86.59 a barrel.

The gains followed a strong previous session for both benchmarks. Brent settled 2.7% higher after touching its highest level since August 25.

West Texas Intermediate also rose 2.8% at settlement, reaching its highest level since August 21.

The latest increases came as renewed tensions in the Middle East brought supply concerns back into focus for global oil markets.

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