Iran-US Tensions Send Oil Prices Soaring Above $95

Oil prices continued their upward trend for the third consecutive day on Wednesday, as Brent crude futures surpassed $95 per barrel and US West Texas Intermediate (WTI) exceeded $91.

The increase came after a series of airstrikes between the US and Iran, marking the most significant escalation in weeks. The strikes have raised concerns about the safety of oil shipments through the Strait of Hormuz, a vital waterway that carries around one-fifth of the world's oil consumption.

Iran has effectively closed the strait to commercial shipping, and the IRGC stated that new US attacks would further restrict traffic. The threat has added to worries that the oil prices surge could deepen if crude shipments remain disrupted.

The situation worsened after two tankers leaving the Strait of Hormuz were attacked on Monday, causing further disruption to oil supplies and forcing traders to seek alternative crude shipments.