Iran-US Conflict Sends Oil Prices Soaring Amid Supply Concerns

Crude oil prices surged on Sept. 7 following a series of military strikes between the US and Iran, which targeted ships and oil tankers in the Strait of Hormuz.

The US Central Command reported that its forces targeted three Iranian oil tankers, while the Iranian Revolutionary Guard Corps Navy announced it had targeted three US ships in separate areas, according to Reuters.

OPEC+ decided at its meeting on Sunday to keep its oil production policy unchanged for October.

Brent crude rose by nearly 7.8% last week, with US crude climbing about 10%, after the US and Iran resumed their attacks, according to Reuters.