Iran-US Conflict Drives Oil Prices to Six-Month High
The conflict between Iran and the US has escalated, with oil prices surging over 30% since the war began six months ago. The latest violence came after a month-long lull in fighting, with Iranian state media reporting that four people were killed and at least 68 wounded in a strike on a wedding party.
The US military had earlier launched a bombardment of Iranian targets, including air defense sites and radar systems. Iran retaliated by firing missiles at American bases in Jordan, which were intercepted.
Oil prices have climbed to around $95 per barrel, as the standoff continues to pose significant economic and political risks for both sides. The US has imposed sanctions on Iran, while Iranian leaders are struggling with economic hardship and a weak currency.
Analysts warn that the conflict may eventually lead to a full-scale war between the two nations, although a truce is still possible. U.S. Secretary of State Marco Rubio said Iran will