Crude Oil Prices Surge Amid Escalating US-Iran Conflict
Crude oil prices surged nearly 2% on Wednesday as tensions between the US and Iran escalated, raising concerns about potential supply disruptions in the Gulf.
Brent crude rose by as much as 1.79%, or $1.76, to trade near $100 a barrel, while US West Texas Intermediate (WTI) crude gained 1.88%, or $1.75, to $94.78 a barrel.
The price increase marks the fourth consecutive session of gains for crude oil, with Brent prices climbing over 20% since early August as hopes for a resolution to the conflict have faded.
Recent attacks involving Iran-backed Houthi forces in Yemen and US airstrikes in Saudi Arabia have heightened concerns about supply disruptions in the region.
US Secretary of State Marco Rubio warned Iran that Washington would continue striking Iranian oil tankers in retaliation for attacks on US warships, stating 'Iran continues to attempt attacks on US naval ships and for every time they do that or try to do that they're going to lose tankers.'