WTI surpasses $100 per barrel amid concerns over prolonged U.S.-Iran war

[Financial News] As military tensions between the United States and Iran rapidly escalate, the price of West Texas Intermediate crude oil (WTI) surpassed $100 per barrel on the 10th (local time). This is the highest level in the past three months, and the global energy market is fluctuating due to concerns over a medium- to long-term war originating in the Middle East.
On this day, October delivery WTI futures prices on the New York Mercantile Exchange (NYMEX) closed at $102.48 per barrel, surging 6.7% from the previous day. This is the highest closing price since May 19. Global benchmark Brent Crude Oil futures also rose 6.3% to $107.63 per barrel. Oil prices have surged more than 18% in September alone.
The recent surge in oil prices stems from fears that the conflict between the United States and Iran will not end in the short term. The Wall Street Journal (WSJ), citing officials, reported that key White House aides discussed with President Donald Trump the possibility that the war with Iran could drag on until after the next presidential inauguration in January 2029.
This stands in direct contradiction to President Trump's remarks the previous day, in which he said the war would end immediately after the midterm elections. While President Trump has claimed for months that the conflict is nearing its end, in reality, the fighting is instead escalating into an all-out war.
Following record-high gasoline prices in the U.S. during the Labor Day weekend, diesel prices are also on the verge of surpassing $6 per gallon (3.8L).
After a brief lull in August, military clashes between the two countries have returned to full swing this month. Iran has attempted several attacks on U.S. warships, and in retaliation, the U.S. military has destroyed at least eight Iranian oil tankers since the 5th.
The front lines appear to be expanding further. Iranian-backed Houthi rebels in Yemen attacked major energy facilities and civilian targets in Saudi Arabia this week, resulting in more than 70 civilian injuries. Consequently, fear that the war could spread across the Middle East is dominating the market.
Market experts have warned of the possibility of further gains. Daan Struyven, co-head of global commodities research at Goldman Sachs, said in an interview with CNBC that "the risk of oil prices surpassing $120 per barrel is growing as attacks on sea lanes intensify."
Andrey Konstantin, Director at TFP Software, also predicted that "if the decline in maritime cargo volume and direct threats to key energy infrastructure materialize, the supply-demand imbalance in the crude oil market will intensify further."


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