Oil prices surged today, recouping some of last weeks losses as tensions in the middle east cause fears of a wider conflict potentially disrupting oil flows. “The most serious outcome for crude is that the conflict escalates into a more devastating proxy war which could affect crude supply,” said Rebecca Babin, senior energy trader at CIBC Private Wealth US. Analysts suggested the implications of the conflict could include a potential slowdown in Iranian exports, which have grown significantly this year, despite U.S. sanctions. WTI traded down $3.59 or -4.3% to close at $86.38. Brent traded down $2.57 or -4.2% to close at $88.15.
