Oil rises more than 1.5% amid geopolitical tensions

Oil prices rise for third consecutive session

Oil prices rose at the close of trading today, Sept. 10, as geopolitical tensions returned to the forefront with Israel targeting Hamas leaders in Qatar, Poland shooting down Russian drones, and the US seeking to impose new sanctions on Moscow.

Brent crude futures for November delivery rose 1.66%, or $1.10, to $67.49 a barrel. WTI crude futures for October delivery jumped 1.66%, or $1.04, to $63.67 a barrel.

Poland reported that it had shot down drones during a large-scale Russian attack on western Ukraine, marking the first time a NATO member state has fired since the outbreak of war between the two neighbors.

This came after Israel targeted Hamas leaders in the Qatari capital, and reports emerged that US President Donald Trump was demanding that the European Union impose 100% tariffs on China and India in an attempt to pressure Russia.

Oil gains were capped by data from the US Energy Information Administration showing that commercial crude oil inventories rose unexpectedly last week, with gasoline and distillate stocks increasing.