Bob Iaccino of Path Trading Partners breaks down the latest surge in WTI Crude Oil futures, with the October contract reaching a 14-week high of $94.73. Prices remain supported by escalating geopolitical tensions in the Middle East following a weekend of strikes involving tankers and warships. Additional support stems from renewed risks to energy infrastructure after attacks forced temporary shutdowns at several Saudi energy facilities, including the Jazan refinery. Iaccino explains how these combined risks to shipping and production are keeping crude oil prices elevated as the market navigates the ongoing uncertainty.
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