Oil Price Today (September 14): Crude oil jumps 3% to near $108/barrel as Middle East tensions escalate. What are analysts warning?

Oil prices have surged 3% to near $108 per barrel, driven by escalating tensions in the Middle East. This significant increase is largely due to recent attacks on vessels in the Gulf and the closure of a vital Saudi oil pipeline. Analysts are warning that if these threats persist, oil prices could potentially climb to $120 per barrel, which would have a major impact on global energy markets and the economy.

Why it matters

Rising Middle East tensions are driving up crude oil prices. That could hurt oil-importing economies and lift inflation.

Market impact

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