Oil prices soar to $108 for the first time since May
“The price of oil surged again Thursday, with Brent crude briefly surpassing $108 per barrel for the first time since May and US crude oil jumping above $102 per barrel, also its highest level since mi…”
Brent ended the trading session at $107.63 after having soared 6.3% in a day. U.S. West Texas Intermediate (WTI) crude closed at $102.48 per barrel, up 6.7% for the day. WTI’s closing level was also the highest since May.
Since the start of the year, the prices of both Brent and WTI have risen by more than 75%. “The move reflects a market still pricing in persistent geopolitical risk, with Persian Gulf tensions showing no credible path to de‑escalation,” analysts at ING said Thursday.
As a result of those rising prices, the national average gas price increased by 5 more cents overnight, to $4.27 a gallon. Diesel fuel, which powers everything from farms to trucking to trains, rose 4 cents overnight, to $5.98.
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A primary driver of the move in oil prices Thursday was President Donald Trump’s comment in Dallas the day before that he was not looking for a deal with Iran. Trump also said he did not expect oil prices to fall until “right after” the November midterm elections, despite having said for months that the war would be over quickly.
“Right after the election, oil prices are going to be tumbling downward,” he. “They’re going to be tumbling down, and we’ll get them down.”Commodities experts warned this week that oil prices as measured by Brent could rise to $120 or even as high as $150 per barrel if the stalemate with Iran drags on.
Trump’s suggestion that the war could continue for many more months also highlighted the looming crisis in global crude oil supplies.
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