Oil Prices Jump to October Highs on Middle East Tensions and Supply Concerns

• Oil prices surge to highest level since October 2022 on Middle East tensions between Israel and Iran

• WTI futures top $87/barrel, Brent tops $92/barrel on fears of potential supply disruption

• Iran produces 3 million barrels per day - disruption could tighten supply/demand balance

• Crude prices also rising due to OPEC+ output cuts and Ukrainian drone attacks on Russian refineries

• Analysts see path to $100/barrel Brent, but expect OPEC spare capacity to prevent excessive price spike