Iran Conflict Escalation Drives Oil Prices Higher Amid Global Economic Uncertainty

Recurring violence in Iran has led to increased uncertainty over the conflict's future, causing oil prices to rise and stocks to fluctuate. Brent crude gained 0.8% to $91.23 per barrel, while U.S. benchmark crude was up 1% at $86.62 per barrel.

The violence in Iran has curtailed traffic in the Strait of Hormuz, which accounts for about 20% of the world's oil shipments, leading to higher prices and making goods more expensive.

Asian shares were mixed, with Hong Kong's Hang Seng falling 0.9% to 25,332.10, while Tokyo's Nikkei 225 edged 0.2% higher to 66,420.26.