Oil price surges amid Mideast tensions

Oil prices climbed on Tuesday as investors continued to monitor simmering tensions in the Middle East and U.S. front-month futures contracts neared expiry.

Front-month U.S. WTI crude oil futures jumped 4.2% by 6:20 a.m. ET, trading at around $107.50 per barrel. The contracts expire on Tuesday.

WTI crude futures for November delivery have been on a tear this month, with Tuesday’s moves putting the contracts on track for their ninth consecutive session of gains and a monthly rise of almost 20%.

Global benchmark Brent crude futures for December delivery were last seen trading 1.9% higher at $111.42 per barrel - their highest price since May 19.