Global Oil Prices Surge Over 6%: Both Brent and WTI Break Above $100

As armed conflicts spread across the Middle East, West Texas Intermediate (WTI) joined Brent crude in surpassing $100 per barrel on the 10th (local time).

International oil prices are maintaining a steep upward trend, driven by concerns over disruptions in oil transportation coupled with forecasts of a prolonged war.

On this day, on the New York Mercantile Exchange, the October delivery WTI futures price closed up $6.43 (6.69%) at $102.48 per barrel compared to the previous session.

WTI has risen for eight consecutive trading sessions starting from the 31st of last month.

Brent crude for November delivery, the global benchmark, rose for five consecutive trading sessions, closing up $6.42 (6.34%) at $107.63.

Both crude oil benchmarks reached their highest levels since May 19.

Concerns over oil supply disruptions have grown as U.S. airstrikes and Iranian retaliatory attacks continue, alongside consecutive damages such as oil tankers being sunk in the Strait of Hormuz.

The situation has reached a point where even core oil shipping routes in the Red Sea are being threatened, as Yemen's Iran-backed Houthi rebels seized the major Red Sea coastal city of Mocha.

In particular, concerns over a prolonged war are mounting following reports by the Wall Street Journal (WSJ) that close aides to President Donald Trump privately discussed the possibility of the war with Iran lasting until the end of his presidential term.

S&P Global Energy analyzed, "The oil market is entering a long-term 'new normal' where the risk of supply disruptions is not temporary but persistent."

(Photo: Getty Images)
※ Please note: This article was translated by AI and may contain errors.