Rising Tensions in Middle East Push Crude Prices Toward $100, Gas Hits Record High
Crude oil prices are climbing toward six-week highs as tensions escalate in the Strait of Hormuz. Brent crude is trading above $97 a barrel and West Texas Intermediate has surpassed $93 per barrel amid renewed attacks on Saudi Aramco facilities and U.S.-Iranian military actions, including strikes against Iranian tankers. In the United States, gasoline prices have reached an all-time high for Labor Day at over $4 per gallon. Meanwhile, geopolitical tensions are spilling into diplomatic relations as Iran criticizes Canada's support of U.S. operations in the region and new Canadian tariffs on American goods take effect. The market is also watching developments in Europe’s AI sector, where Mistral has raised €3 billion to reach a valuation of over $24 billion. Global equities remain mixed following an extended Labor Day weekend break for investors. Asian markets are under pressure due to the strong yen, while European and U.S. futures show varied performance as traders assess ongoing geopolitical risks.
Tickers: $XOM
Topics: gasoline prices global equities Middle East tensions oil prices