Brent crude futures rose 3.1% to $116.72 a barrel, the highest since late April. WTI quotes added 3.8%, rising to $103.27 per barrel. According to CNBC, the price increase is caused by the fear of supply disruptions due to the escalation in the Middle East: the markets are reacting to the Houthi attacks on Saudi Arabian infrastructure and to possible US and Israeli attacks on Iran after the US congressional elections in November.

Brent crude futures rose 3.1% to $116.72 a barrel, the highest since late April. WTI quotes added 3.8%, rising to $103.27 per barrel. According to CNBC, the price increase is caused by the fear of supply disruptions due to the escalation in the Middle East: the markets are reacting to the Houthi attacks on Saudi Arabian infrastructure and to possible US and Israeli attacks on Iran after the US congressional elections in November.