Crude oil price: Futures rise as UAE suspends economic ties with Iran
October Brent oil futures at $92.04, up by 0.46%; October crude oil futures on West Texas Intermediate at $84.64, up by 0.30%
Crude oil futures experienced an increase on Thursday morning following the United Arab Emirates' decision to suspend all financial and economic transactions with Iran. At 10:02 am, Brent oil futures were trading at $92.04, up by 0.46%, and WTI crude oil futures at $84.64, up by 0.30%. In contrast, September crude oil futures on the Multi Commodity Exchange (MCX) were at ₹8,112, down by 0.48%, and October futures at ₹7,958, down by 0.60%.
The UAE cited a military escalation by Iran, specifically a missile threat, as the reason for suspending financial and economic ties with the country. Reports suggested that the UAE's Defense Ministry detected two ballistic missiles launched from Iran, which fell into the sea. Additionally, the US Energy Information Administration reported an increase in US crude oil inventories last week, with commercial crude oil inventories rising by 4.4 million barrels from the previous week.
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