Crude Prices Soar Amid US-Iran Tensions

Global crude oil prices have surged to nearly $110 per barrel due to escalating tensions between the United States and Iran. The global benchmark Dated Brent rose to $105.70 per barrel on Thursday, marking its highest level since late May.

The price increase is also attributed to concerns over supply disruptions linked to conflicts involving Iran and Ukraine. Analysts say buyers are securing alternative sources of crude for immediate delivery as a result.

Kazakhstan's oil production has fallen to approximately 460,000 barrels per day after a key crude oil export terminal on the Black Sea was forced to shut down following alleged Ukrainian drone attacks.