Iran Conflict Sends Oil Prices Soaring Amid Global Supply Disruptions

Oil prices rose on Thursday as tensions between the US and Iran continued to escalate, disrupting global supplies and shipping.

The Brent crude price climbed by $1.72 or 2.1% to $83.12 per barrel, while US West Texas Intermediate crude rose by $1.95 or 2.6% to $76.61.

Analysts point to the ongoing conflict in the Middle East as a major contributor to the oil price increase, with trade flows through the Strait of Hormuz remaining halted.

China's government has told its largest oil refiners to suspend exports of diesel and gasoline, while two oil refineries in China and India have shut their crude units due to supply disruptions.