Crude oil futures hit new high since May as U.S.-Iran conflict intensifies

International crude oil futures surged further on Wednesday, reaching their highest level since May 22, driven by escalating tensions between the United States and Iran.

The West Texas Intermediate (WTI) for October delivery went up 3.02 U.S. dollars, or 3.25 percent, to settle at 96.05 U.S. dollars a barrel on the New York Mercantile Exchange.

Brent crude for November delivery gained 3.29 U.S. dollars, or 3.36 percent, to settle at 101.21 U.S. dollars a barrel on the London ICE Futures Exchange.

Meanwhile, the U.S. Energy Information Administration (EIA) has revised its oil price forecasts upward for both this and next year.

In its Short-Term Energy Outlook report released on Wednesday, the agency noted that global oil inventories have already drawn down by about 400 million barrels so far this year due to the lingering conflict in Iran.

The EIA expects this decline in global stockpiles to continue through year-end, as significant Middle Eastern oil production capacity and export volumes are projected to remain suspended for the rest of the year.

The agency projects the average price of Brent crude to reach about 91 U.S. dollars per barrel this year, an upward revision of nearly 5 percent from its previous estimates.

Similarly, the average price for WTI crude is forecast to hit 84.65 U.S. dollars per barrel this year, also reflecting a nearly 5-percent increase from prior projections.

Norwegian Ambassador to China Vebjorn Dysvik said Wednesday that the 2026 China International Fair for Trade in Services (CIFTIS) offers a strong platform for developing new partnerships, as a record number of Norwegian companies attend.

Running through Sept. 13 at Shougang Park, a former industrial site and a venue for the Beijing 2022 Winter Olympics, the fair has drawn participants from 90 countries, regions and international organizations, with over 1,800 companies exhibiting on-site. Among them are 473 Fortune Global 500 firms and other industry leaders, including Honeywell, Johnson and Johnson, and Siemens.

During the fair, more than 190 forums, conferences, and business negotiation and promotion events will be held, along with 74 supporting activities and 11 business tour itineraries.

Norway is this year’s guest country of honor at CIFTIS, and its exhibition area showcases Norway’s distinctive industries and innovative achievements.

“It’s a great opportunity and we can see this from the number of Norwegian companies that show up. And we have a record number of companies this year because our companies see that this is a good platform to develop all partnerships, but also to create new partnerships,” said Vebjorn Dysvik, Norwegian Ambassador to China.

This year, for the first time, the fair has established an exhibition area for Chinese services in the core exhibition zone, showcasing innovative achievements and exemplary cases in the field of trade in services.

In addition, special zones were set up for the first time in several thematic exhibitions to provide professional support for Chinese enterprises looking to expand into international markets.

“The exhibition area for overseas service providers features 28 companies offering services overseas. It covers a wide range of topics, including accounting and auditing, human resources, intellectual property, consulting services, financial services, and digital marketing software services. In addition, we have invited 41 firms to participate in the overseas service recommendation roadshow, providing attendees with a one-stop solution for overseas expansion,” said Zhao Fangqi, staff member at the fair.

This year’s event also highlights the application of cutting-edge technologies in the service trade sector, while the sports and cultural tourism service exhibition areas feature numerous innovative interactive experiences.

Some exhibitors expressed their hope to meet the new service demands driven by the artificial intelligence (AI) era through more innovative approaches.