Iran Conflict Sends Crude Oil Prices Soaring Above $95/bbl

The latest US-Iran conflict has sent shockwaves through the global oil market. Crude oil prices have surged as tensions between the two countries escalate, with Brent crude futures rising to $95.52 a barrel and WTI crude futures advancing to $91.02 a barrel.

These price gains come on the back of a series of overnight airstrikes carried out by the US against targets in Iran, which prompted a retaliatory response from Tehran. The IRGC warned that the US strikes would further hamper shipping through the Strait of Hormuz, a strategically important waterway that accounted for roughly one-fifth of global oil consumption.

The latest escalation followed a weekend intensification of fighting, and came after two tankers leaving the Strait of Hormuz were attacked on Monday, further disrupting oil supplies. The developments have reduced expectations of a swift de-escalation of tensions in the Middle East.