As tensions in the Middle East escalate, West Texas Intermediate (WTI) crude also topped $100 per barrel on the 10th, following Brent.
As of 8:32 a.m., October-delivery WTI futures were trading at $100.13 per barrel on the New York Mercantile Exchange, up 4.3% from the previous session. At the same time, November-delivery Brent crude futures, the global benchmark, were trading at $105.38 per barrel on the London ICE Futures Exchange, up 4.1% from the previous session.
Renewed flare-ups in Middle East tensions are lifting global oil prices on market concerns that crude supplies could be disrupted. The disclosure of private conversations by Donald Trump's closest aides saying the Iran war would continue until the end of Trump's presidential term also appeared to have an impact.
In response, the European Central Bank (ECB) on the day raised its three key policy rates, including the deposit rate that effectively serves as the benchmark rate, by 0.25 percentage point from previous levels to counter inflation.