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U.S. oil jumps by more than 5% amid supply shortage fears due to the Middle East war.

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20/10/2026 | 08:03 PM


U.S. oil prices jumped by more than 5% during trading on Tuesday, driven by escalating concerns over supply shortages due to the war in the Middle East, amid ongoing market volatility.
AFP reported that West Texas Intermediate crude oil futures rose by 5.7% to reach $109.60 per barrel, while Brent crude futures, the international benchmark for oil prices, increased by 2% to $111.69 per barrel.
In the financial markets, technology stocks led the losses in the stock exchanges, as fears grew regarding the surge in investments in artificial intelligence, just ahead of important earnings reports from major companies in the sector.
Market movements reflect the ongoing anxiety among investors, in light of geopolitical developments in the Middle East and concerns related to energy supplies, as well as anticipation of company results and their impact on global market trends.