Brent Crude Soars as Tensions between US and Iran Escalate Again

Oil prices are soaring as tensions between the US and Iran escalate once again. Brent crude has reached $96 a barrel, marking its biggest weekly gain since July, while US West Texas Intermediate (WTI) is trading near $92 a barrel.

The renewed escalation in tensions comes after a period of relative calm, with US strikes at the beginning of the week followed by Iranian retaliatory attacks against US bases in the region.

Despite the increased fighting, U.S. Vice President J.D. Vance downplayed the conflict, stating that it would not be characterized as a war because major military operations had been completed weeks earlier.

Vance also claimed that shipments through the Strait of Hormuz have largely returned to pre-conflict levels, with around 17 million barrels of oil passing through the waterway. U.S. President Donald Trump echoed this sentiment, saying the US has 'great control' over the Strait and claiming that 30-40 ships pass through every night.