NEW YORK, Sept. 10 (Xinhua) -- The West Texas Intermediate (WTI) crude futures for October delivery topped 100 U.S. dollars per barrel on Thursday morning as conflicts in the Middle East continue.
The WTI for October delivery hit 100.88 dollars per barrel at one point, up 4.83 dollars or 5.03 percent from the settlement price on Wednesday. This marks the highest level of front-month WTI crude oil futures since May 20.
Meanwhile, Brent crude for November delivery rose to 105.84 dollars per barrel before paring gains slightly.
The Wall Street Journal reported Wednesday that top White House advisors discussed the possibility with U.S. President Donald Trump that the war with Iran could last through the end of his second term in January 2029.
Trump, however, said Wednesday that the war will end "immediately" after the midterm elections in November.
Oil flows through the Strait of Hormuz have surprised to the upside in recent weeks, but the market could tighten more sharply if ongoing escalation translates into disrupted oil flows once again, said Warren Patterson and Ewa Manthey, analysts at ING.
"If anything, current signals point to further escalation, keeping upside pressure firmly in place," they said.
"Even from a technical analysis standpoint, it looks fairly bullish. I've got no interest in shorting crude oil, and I suspect that as long as this war is going on, anytime we get some type of pullback, there's probably going to be buyers willing to get involved," said Christopher Lewis, an analyst with FX Empire, in a note on Thursday. ■
