Commodities
Hormuz Tensions Send Oil Prices Soaring
The Strait of Hormuz has become a flashpoint in the ongoing tensions between the US and Iran, causing oil prices to surge.
The recent US attack on Lark Island near the Strait of Hormuz, followed by Iranian retaliation, has raised concerns over supply security in the region.
Brent crude futures for November delivery traded at $90.32 per barrel, up 4.8% from the previous close of $86.12, while West Texas Intermediate (WTI) crude futures for October delivery traded at $85.34 per barrel, up 2.3% from $83.40.
The Iranian military targeted US troops and helicopters stationed at the Al Minhad Air Base in the United Arab Emirates (UAE) with dozens of drones, while also striking two US air bases in Jordan with ballistic missiles.