Oil prices surge! Brent crude breaks through $101 after the US attacks an Iranian oil tanker.

Oil prices continued to rise on Thursday as the United States destroyed five Iranian crude oil tankers amid concerns that escalating tensions in the Middle East could further worsen supply disruptions.

On September 10, 2569, CNBC reported that Brent crude oil futures (November delivery) rose 0.62% to $101.84 per barrel, while US West Texas Intermediate (WTI) crude oil futures (October delivery) climbed 1.01% to $96.06 per barrel.

Tensions escalated after the U.S. military destroyed five Iranian crude oil tankers on Tuesday in retaliation for an attempted attack on American warships. The U.S. Central Command stated that the warships successfully evaded the Iranian attack and that no U.S. personnel were injured.

Daan Struyven, co-head of global commodities research at Goldman Sachs, said in an interview with CNBC's "Squawk Box Asia" that the escalating conflict between the U.S. and Iran, now in its seventh month, is increasing the risk of oil prices rising above $120 per barrel if attacks on shipping intensify.

Meanwhile, senior advisors to U.S. President Donald Trump in the White House have privately discussed with him the possibility that the conflict with Iran could drag on for the remainder of his term, according to the Wall Street Journal.

Andrei Constantin, Commercial and Trading Advisor at TFP Software FZCO, said the physical oil market could become tighter due to further reduced transport volumes along routes, a wider conflict escalation, or threats to energy infrastructure, which would prolong the upward trend in oil prices.

"WTI has erased all the dips that occurred between early June and July, while Brent crude is now significantly higher than the levels seen in early June."

Reference: cnbc.com

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