Crude Oil Prices Soar Amid Escalating Middle East Crisis

The Middle East crisis continues to escalate, pushing crude oil prices upwards. Brent, the global benchmark, has jumped to $95.3, while West Texas Intermediate (WTI) has moved to $91.

Kuwait, a top American ally, is confronting hostile missile and drone attacks from Iran in retaliation for US-launched attacks over the weekend.

The Strait of Hormuz remains under pressure, affecting supply, with the number of ships crossing the strait unclear. US President Trump said the US was in control of the strait and suggested changing its name to the 'Trump Strait', but his views on when the war would end have repeatedly changed.

Oil inventories are already under pressure, with a recent report showing a 4.5 million barrel drop last week, higher than expected, and Strategic Petroleum Reserves (SPR) at decade lows.