Commodities
Brent Crude Prices Rise Amid Escalating Tensions in Gulf Region
Brent crude futures rose to $96.20 per barrel, up 57 cents from the previous day's close, as tensions between the US and Iran escalated in the Gulf region.
The market has been volatile in recent days, with prices swinging wildly on headlines related to the conflict.
A key factor behind the price movement is the risk premium, which reflects traders' expectations of supply disruptions and military action in the region.
However, data from Monday shows that 17 million barrels of oil were transported through the Strait of Hormuz, a wartime record, indicating that the chokepoint is not as closed as previously thought.