Iran-US Tensions Send Crude Oil Prices Soaring

Crude oil prices surged to $91.87 per barrel on Brent futures and $87.15 on WTI amid escalating tensions between the US and Iran.

The conflict escalated after American forces launched strikes on Iranian military installations at Larak Island, prompting Iran's response with missile attacks on US positions in Jordan.

As a result of the military confrontation, maritime traffic through the Strait of Hormuz plummeted to just five ships daily, down from a recent 14-vessel average.

The U.S. Strategic Petroleum Reserve has declined to 286.6 million barrels, hovering near a 44-year low, and OPEC+ member nations have authorized an additional production expansion of approximately 188,000 barrels per day beginning in September.