Commodities
Iran Tensions Send Oil Prices Soaring Amid Strait of Hormuz Disruptions
Oil prices are on track for their biggest weekly gain since July as tensions between the US and Iran escalate. The Strait of Hormuz, a critical energy artery, has become a focal point in the renewed hostilities.
The price of Brent crude has surpassed $95 a barrel, representing a 7% increase for the week. Meanwhile, West Texas Intermediate (WTI) is trading above $91 a barrel.
The flare-up began after the US bombing campaign earlier this week, which was met by Iranian retaliation against American bases in the region. This escalation has heightened concerns about prolonged disruptions to energy flows through the Strait of Hormuz.