Oil prices gain on Middle East supply concerns
Oil prices climbed today on concerns the impasse in the US-Israeli war against Iran will continue to disrupt supply from the key Middle Eastern producing region and tighten global supplies.
Energy markets saw a continued rise in crude oil values this morning as investors reacted to the ongoing stalemate in the conflict involving the United States, Israel, and Iran. The persistent friction in the Middle East has sparked significant anxiety regarding the stability of exports from this vital production hub, leading to a tightening of available global inventories. As the trading day progressed, market participants closely monitored the situation for any signs of resolution or further escalation that could impact the flow of oil to international markets.
Five Consecutive Sessions of Growth
The upward trajectory was evident in both major benchmarks. Brent crude futures, specifically those for October delivery, climbed by 35 cents to reach a price of $91.97 per barrel. This represents a percentage increase of 0.38 percent
Source: rte.ie · 2026-08-20