Multiple Factors Have Driven International Oil Prices To Rise By More Than 6%.

New York, September 10 (Xinhua) - Factors such as geopolitical conflicts in the Middle East and a deteriorating outlook for market supply drove international crude oil futures prices to surge in early trading on the 10th. The gains were sustained throughout the session, with prices closing more than 6% higher-reaching their highest levels since late May.

By the close of trading, the price of light, sweet crude futures for October delivery on the New York Mercantile Exchange (NYMEX) rose $6.43 to settle at $102.48 per barrel, an increase of 6.69%. Meanwhile, Brent crude futures for November delivery on the London ICE Futures Exchange rose $6.42 to settle at $107.63 per barrel, a gain of 6.34%.

Dennis Kissler, Vice President of Trading at BOK Financial, noted that Iran has signaled readiness for a more intense conflict, while U.S. President Trump has indicated the standoff could persist until the midterm elections. These developments suggest that oil supplies will tighten and prices will rise in the foreseeable future. However, Kissler also observed that crude futures are currently in "overbought" territory and due for a market correction.

Separately, Yemeni government officials stated on the 10th that Houthi forces had deployed troops to the Hanish Islands-a strategic location in the Red Sea-after government naval forces withdrew from the area. Situated north of the Bab el-Mandeb Strait and near major international shipping lanes, the Hanish Islands hold significant strategic value for monitoring and ensuring maritime traffic safety.

Fawad Razaqzada, a senior analyst at GAIN Capital, said the Houthi advance toward the Bab el-Mandeb Strait has sparked fresh concerns regarding global energy supply security.

According to a Bloomberg report, disruptions to oil export routes caused by the U.S.-Iran conflict led to a sharp drop in Saudi Arabia's average daily oil production in August; output fell by 1.9 million barrels to 6.238 million barrels, marking the lowest level since 1990.

HSBC recently raised its forecast for Brent crude futures prices for this year from $80 per barrel to $90 per barrel. Some analysts believe that, amidst the deadlock where diplomatic efforts to resolve the US-Iran conflict have failed and oil shipments remain obstructed, the price of Brent crude oil futures could rise to the level of $120 per barrel.