WTI crude oil futures hit the highest in about 4 months, accelerating buying as the situation in the Middle East becomes tense

[New York Current Affairs] On the 10th, crude oil futures prices on the New York Mercantile Exchange (NYMEX) rose for eight consecutive days, with buying accelerating against the backdrop of the increasingly tense situation in the Middle East. WTI, a standard oil produced in the United States, exceeded $100 per barrel in morning trading. The closing price was $102.48 per barrel, up $6.43 (6.69%) from the previous day, the highest price in about four months since mid-May.

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Markets are increasingly pessimistic about the early normalization of the situation in the Middle East, as US President Donald Trump suggested on the 9th that the military campaign against Iran would end after the US midterm elections in November. Furthermore, on the 10th, it was reported that Yemen's pro-Iranian armed group, the Houthi group, is strengthening its control over the Babel Mandeb Strait on the Red Sea coast.

Amid reports that Saudi Arabia's crude oil production plummeted last month, concerns have been raised that energy transport via the Red Sea in addition to the Strait of Hormuz may be threatened. Crude oil was bought.

Stock prices fell for the fourth straight day due to the rise in crude oil prices. While a wide range of stocks were sold, the Dow Jones Industrial Average, which is made up of blue-chip stocks, closed at $52,064.10, down $316.56 from the previous day's closing price. The Nasdaq Composite Index, which focuses on high-tech stocks, fell 171.62 points to close at 26,081.72.