Iran Strikes Send Oil Prices Soaring Amid Escalating Middle East Conflict

Oil prices surged more than 5% to $95 a barrel after Iran attacked US military bases in Bahrain, Iraq, and Jordan in retaliation for overnight US strikes that Tehran said killed at least 18 people.

The attacks have sent shockwaves through global markets, with Asian stocks declining due to concerns over protracted hostilities. The conflict is also spreading beyond the Middle East, as a Financial Times investigation revealed that Russia has been secretly helping Iran develop supersonic cruise missiles.

The resignation of the US Army chief added to the sense of crisis, with some warning that 'The Armed Forces appear to be fracturing… [when] a unified vision of the future is most needed.'