WTI crude oil prices climbed to session highs just below $91 per barrel on Thursday, driven by escalating concerns over a potential all-out war in the Middle East. This marks a significant rise, with prices up nearly 10% over the week so far, according to FX Street.
The surge reflects growing geopolitical tensions that are impacting commodity markets globally, pushing energy prices higher as traders brace for supply disruptions. The upward momentum in oil prices has been a key theme throughout the week, underlining the market’s sensitivity to conflict risks in the region.
For Japanese investors and markets, this rise in crude oil prices adds further pressure on energy import costs, potentially influencing inflation and currency movements amid an already volatile global economic environment.