Global Oil Prices Surge Amid US-Iran Tensions

Global oil prices have surged by over 6% in the past week amid escalating tensions between the US and Iran. The price of Brent crude oil increased from $88.60 per barrel at the end of last week to $93.93 per barrel, while WTI crude oil rose from $82.40 per barrel to $86.64 per barrel.

The US-Iran conflict has led to concerns about supply disruptions in the Strait of Hormuz, a major shipping route for oil exports. Iran is considering imposing fees on ships passing through the strait and may fine those that violate regulations.

Data from Kpler shows that ship traffic through the strait remains low, with only 7 cargo ships passing through on August 21, compared to 14 the previous day.