[International Oil Prices] Surge More Than 3%, Breaking Above $101 a Barrel for Highest Close in Four Months

[Financial News]  

International oil prices surged more than 3% on the 9th (local time).
Supply concerns intensified as shipping through the Bab-el-Mandeb Strait at the entrance to the Red Sea, a gateway to the Suez Canal, was disrupted following disruptions in the Strait of Hormuz.
Gains accelerated in the latter part of the session after U.S. President Donald Trump said the situation would not calm down before the midterm elections on November 3.
Brent crude for November delivery, the benchmark for international oil prices, settled at $101.21 a barrel, up 3.4% from the previous session. It marked the highest closing price in four months, or since May 22.
West Texas Intermediate crude oil (WTI) for October delivery, the U.S. benchmark, jumped 3.3% to settle at $96.05 a barrel.
Before boarding Air Force One for the Republican midterm convention in Texas, President Trump told reporters at a news conference that Iran would not compromise with the United States in an effort to influence the election. He said the war would end only after the election and that oil prices would then fall.
Meanwhile, armed clashes continued along major maritime crude-oil shipping routes.
The U.S. military destroyed five Iranian tankers the previous day in retaliation for an attempted attack on a U.S. warship.

[email protected] Song Kyung-jae Reporter