Crude Oil Prices Soar Amid Escalating US-Iran Conflict
Crude oil prices surged nearly 2% for a fourth consecutive session as tensions between the US and Iran escalated, sparking fears of supply disruptions in the Gulf. Brent crude approached $100 a barrel, while WTI climbed to almost $95.
The price increase came after Iran-backed Houthi forces attacked four cities in southern Saudi Arabia on Tuesday, injuring over 70 people and setting oil installations ablaze. US Secretary of State Marco Rubio warned that Washington would continue striking Iranian oil tankers in retaliation for attacks on US warships, stating 'for every time they do that or try to do that they're going to lose tankers'.
Brent prices have climbed more than 20% since early August as hopes for a permanent resolution to the six-month-old conflict faded. Both Brent and WTI remain in technically overbought territory, with Brent's previous close being its highest since July 23 for a second consecutive session.