Brent Crude Soars to $95 as US-Iran Tensions Escalate
Crude oil prices surged as tensions between the US and Iran escalated, putting Brent crude near the $100-a-barrel mark for the first time in over a month. The price jump was triggered by a series of airstrikes carried out by the US against Iranian targets, followed by Iranian missile and drone attacks against US military positions and regional allies.
The Strait of Hormuz, a key energy route, has become a major concern for the global oil market. According to Reuters, only four commodity vessels crossed the strait on Tuesday, compared with an average of 13 over the previous 10 days. The reduced shipping traffic could further disrupt oil production and exports, putting additional upward pressure on crude prices.
US President Donald Trump claimed that the US had 'almost total control' over the Strait of Hormuz and warned Iran against retaliatory action, saying that further attacks could trigger a stronger US response. The latest escalation in tensions has heightened uncertainty around the security of the waterway and the movement of oil tankers through the region.