Commodities
Crude Oil Prices Surge Amid US-Iran Tanker Attacks
Crude oil benchmarks have climbed for three consecutive sessions following tit-for-tat attacks on oil tankers in the Strait of Hormuz by the US and Iran.
The escalation period has led to a surge in crude oil futures, with prices racing higher after multiple strikes on oil tankers between the two nations.
US crude stocks held at the Strategic Petroleum Reserve have sunk to fresh multi-decade lows in early September, although the rate of decline is slowing.
The attacks have also impacted global markets, with Indian refiners prioritizing the availability of fuels by paying higher premiums to secure their crude supply.