Iran-US Conflict Sends Oil Prices Soaring Amid Red Sea Shipping Threats

Oil prices have seen their steepest monthly gain since March due to escalating tensions between the US and Iran, along with threats to shipping in the Red Sea and Black Sea.

The conflict escalated on July 29 when US Central Command said its forces struck dozens of Islamic Revolutionary Guard Corps targets in Iran, hitting military command centers, missile and drone facilities, coastal surveillance sites, and maritime capabilities.

This move came in response to an attempted Iranian missile attack on US forces a day earlier, where IRGC forces launched multiple ballistic missiles that were all intercepted by CENTCOM.

The strikes have raised supply concerns for the energy markets, with Brent crude trading near $88 a barrel and WTI below $83.2.