Crude oil prices have soared this year buoyed by geopolitical conflicts in the Middle East, with no signs of abatement. On Oct 16, crude oil prices spiked following Iran's escalated attacks in the Strait of Hormuz, Houthi militants firing missiles in Saudi Arabia, and Ukraine reaffirming that it will continue to target Russian oil refineries. As a result, the U.S. benchmark – the West Texas Intermediate (WTI) crude future price rose 3.5% to settle at $101.41 per barrel. The international benchmark – the Brent crude future price increased 3.7% to close at $109.86 per barrel, after touching $110 per barrel. Year to date, the WTI crude price jumped 77.4%, while the Brent crude price climbed 80.5%.
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