WTI crude surges to US$102.78 amid rising Middle East tensions

(EFE).- West Texas Intermediate (WTI) crude prices rose 2.8% Wednesday to US$102.78 a barrel, as escalating tensions in the Middle East raised concerns about potential disruptions to global oil supplies. WTI futures for December delivery, the U.S. benchmark, gained US$2.88 at the close.

The increase came amid reports of attacks by Yemen’s Houthi rebels on Saudi infrastructure, including the Ras Tanura refinery, fueling fears of supply disruptions. The Houthis also reported 13 deaths and 16 injuries in airstrikes they attributed to the Saudi-led coalition in northwestern Yemen.

Markets were also monitoring Israel’s election results, after neither the bloc led by Benjamin Netanyahu nor the opposition coalition headed by Gadi Eisenkot secured enough seats to form a government.

Meanwhile, Iran said it was working with mediators on proposals to implement its seven-day peace plan in less than a week. The United States has rejected the initiative as tensions remain high and the risk of renewed military escalation grows.

The diplomatic efforts follow recent talks in Tehran with representatives from Russia, Qatar, Pakistan, Saudi Arabia and Turkey over the conflict involving Iran, the United States and Israel. The Wall Street Journal, citing sources, reported that Washington has urged several Gulf states to prepare for a possible “short, intense military campaign” following the November 3 parliamentary elections.