Iran-US Tensions Drive Crude Oil Prices Towards $94 Per Barrel

New Delhi: Global crude oil prices have surged towards $94 per barrel amid escalating tensions between the United States and Iran. The conflict has increased concerns over possible disruptions to energy supplies, prompting a sharp increase in Brent crude futures.

Brent crude was trading at around $93.89 per barrel after rising 2.4% in the previous session. US West Texas Intermediate (WTI) crude stood at approximately $86.84 per barrel following a gain of more than 2%. Both benchmarks reached their highest levels since late July.

Market analysts believe continued uncertainty in the Middle East is keeping pressure on global energy markets. The situation in the Gulf region has added fresh uncertainty for energy markets, with any restrictions on oil production, exports or shipping routes potentially tightening global supplies and pushing prices higher.