Crude Oil Prices Surge as Middle East Tensions Escalate

Deep News
1 hour ago

International oil prices climbed on September 1st following a new wave of U.S. military strikes against Iran, which intensified geopolitical risks in the Middle East. By the close of trading, light crude oil futures for October delivery on the New York Mercantile Exchange settled at approximately $90 per barrel, marking a gain of around 5%.

Meanwhile, Brent crude futures for November delivery on the London ICE Futures Exchange closed at roughly $94 per barrel, up about 4.5%. These sharp gains in global benchmarks have now shifted expectations for China's upcoming domestic fuel price adjustment, which is scheduled to take effect at 24:00 on September 11th.

At the start of the current pricing cycle, forecasts had pointed to a potential cut in domestic fuel prices. However, the recent rally in international crude has reversed that outlook, with expectations now turning toward an increase. The upward adjustment margin has been steadily widening as oil prices continue to surge.

Currently, the crude oil change rate stands at 2.01%, which translates to an anticipated price hike of 100 yuan per tonne. Based on this calculation, gasoline and diesel prices are expected to rise by approximately 0.08 to 0.09 yuan per liter.

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