WTI crude oil prices jumped significantly due to escalating geopolitical risks in the Middle East and immediate supply disruptions. Reports that the U.S. is considering military strikes on Iran ahead of midterm elections spooked the market. This was compounded by an increase in attacks on oil tankers in the critical Strait of Hormuz waterway and the shutdown of some U.S. Gulf of Mexico production ahead of Hurricane Isaias. A larger-than-expected drop in U.S. crude inventories also added to supply concerns.