Brent Crude Surges Above $91 as US-Iran Tensions Escalate

Brent crude oil prices have reached a new high of $91.15 per barrel as tensions in the Middle East continue to escalate.

The renewed fighting between the US and Iran has increased concerns about supply disruptions through the Strait of Hormuz, a key waterway for global energy shipments.

US President Donald Trump has threatened further military action against Iran, which could tighten global oil supplies and drive prices even higher.

In response to Washington's economic pressure, Iran's central bank governor Abdolnaser Hemmati said the country has sufficient foreign currency reserves and is prepared to inject up to $2 billion into the foreign exchange market to stabilize the rial.