Iran-US Airstrikes Send Oil Prices Soaring

Oil prices rose nearly 1% in early trade on Wednesday, extending the previous session's surge. The increase came as concerns over supply disruption intensified following a series of airstrikes between the US and Iran overnight.

The strikes, which marked the most serious escalation of the conflict between the two countries in weeks, targeted US forces in the region, according to the US Central Command.

The US had launched airstrikes against targets in Iran, prompting an Iranian response. The Iranian Revolutionary Guard Corps (IRGC) claimed that the US attacks would further restrict traffic through the Strait of Hormuz, a critical waterway that carries about one-fifth of global oil consumed.