Regional supply risks push UAE energy benchmarks to highest levels since August

Global oil prices climbed on Tuesday, 1 September, as Brent crude crossed the $91 threshold amid intensifying geopolitical tensions in the Middle East and fears of supply disruptions through vital shipping lanes. Brent crude futures rose 56 cents, or 0.6 percent, to reach $91.05 per barrel, while US West Texas Intermediate (WTI) increased by 83 cents, or 1 percent, to trade at $86.59. Benchmark performance and market drivers The price hike follows a period of high volatility where both benchmarks recorded gains in the preceding session on Monday, 31 August. Brent closed 2.7 percent higher and WTI surged 2.8 percent during that period, representing the highest price levels for crude since late August. Investors are currently pricing in a higher risk premium as regional friction threatens to impact output from major producers and transit through energy corridors. Energy analysts attribute this latest rally to a combination of tight physical supplies and the sudden escalation of regional security risks. The price movement on Tuesday, 1 September, marks a significant shift in market sentiment, as traders previously focused on global demand concerns shifted their attention to…