Middle East Tensions Push Crude Oil Prices Toward Monthly Highs

By midday, NYMEX October West Texas Intermediate crude futures rose 65 cents to $90.85 per barrel, while November contracts gained 45 cents to reach $88.20. International benchmarks followed suit, with October Brent crude climbing $1.05 to $95.70 per barrel. These gains reflect a broader $6 to $7 surge over recent days, fueled by persistent anxiety surrounding the six-month-old conflict that continues to disrupt vital energy supply chains.

Market participants are currently balancing these geopolitical pressures against fresh data from the Energy Information Administration. The report indicates a decline in U.S. crude and gasoline inventories for the week ending Friday, despite a concurrent drop in overall demand. While distillate stocks recorded a modest increase, refined products like October ULSD saw only marginal movement, trading at $4.6885 per gallon following the previous session's significant price spike.