Commodities
Brent Crude Surges Past $95 Amid US-Iran Tensions
The price of Brent crude oil has surpassed $95 per barrel following a series of military attacks between the US and Iran. The uptrend in oil prices continues after both benchmark crudes added over $4 in the previous session.
Data from the American Petroleum Institute shows a decline in US crude inventories, which is expected to be confirmed by official data from the Energy Information Administration later today.
The Iranian Revolutionary Guard has announced that the confrontations will further restrict navigation through the Strait of Hormuz, adding to concerns about disruption to Middle East supplies.