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Oil prices surged over 2% on September 9, extending gains for a fourth consecutive trading session following intensified military conflicts in the Middle East that raised significant supply disruption fears. Brent crude briefly surpassed the $100 per barrel threshold for the first time since July, settling around $100.46, up 2.60%. Meanwhile, West Texas Intermediate (WTI) crude for October delivery advanced 2.20% to cross $95.09 per barrel as political tensions deepened risk premiums in energy derivatives. Market sentiment remains heavily influenced by geopolitical escalations, with institutional analysts noting that the prolonged absence of diplomatic resolution forces energy traders to price in sustained supply shock risks. Additional market volatility is expected following the upcoming delayed U.S. crude inventory report from the American Petroleum Institute (API). Traders and institutional investors are carefully observing Middle Eastern supply chain routes and crude buffer stocks for sign of prolonged tightening. Continued strength in oil benchmark prices continues to provide foreign exchange and macro support to regional energy-exporting economies while presenting potential headwind risks for major energy-importing nations.
