Iran Conflict Sends Oil Prices Soaring
Oil prices surged to their highest levels in nearly two months following the latest escalation of tensions between Iran and Saudi Arabia. The conflict has raised concerns about severe disruptions to global energy supplies, causing a sharp increase in oil prices.
Brent crude oil, one of the key global benchmarks, closed at $100.69 per barrel, up 7% from the previous day. U.S. crude oil also jumped, closing higher by 6.2% at $92.19 per barrel, its highest close since June 4.
The surge in prices comes after Tehran-backed Houthi rebels claimed attacks on two Saudi oil tankers in the Red Sea following their announcement of a naval blockade on the kingdom. This marked the first time since the Iran war began that ship attacks had spread beyond the vicinity of the Strait of Hormuz, opening up a new front in the conflict.
On Capitol Hill, Congress voted on measures to end the Iran war, with the House approving a nonbinding proposal and the Senate rejecting a joint resolution. Four Republicans joined Democrats in voting for the measure, while one Republican, Senator Susan Collins, R-Maine, joined every Democrat except Senator John Fetterman, D-Pa., in voting to advance the Senate resolution.