Oil prices have surged to their highest levels since October, fuelled by escalating tensions in the Middle East and uncertainty surrounding the United States’ response to turmoil in Iran. West Texas Intermediate (WTI) crude rose to near $US62 a barrel, marking an increase of nearly 9 per cent over the previous four trading sessions. Brent crude also saw a significant rise, trading 1.4 per cent higher at $US66.39 near 12.30pm in New York.
Reports indicate heightened concerns over regional stability. Reuters reported that some staff had been advised to leave the Al Udeid air base in Qatar, a facility previously targeted by Iran in retaliatory airstrikes last year. These developments come as US President Donald Trump has urged Iranians to continue protesting against the government.
President Trump indicated that his next course of action would depend on a meeting of the National Security Council. The council convened on Tuesday to formulate options for the president. Traders are closely monitoring the unrest in Iran and the potential for American intervention, factors that could disrupt the country’s crude oil output, which is approximately 3.3 million barrels a day.
