Commodities
Middle East Conflict Drives Oil Prices Near $90 per Barrel
Oil prices have surged nearly 7% as tensions in the Middle East escalate. Brent crude futures rose to $89.79 a barrel, pushing the price close to $90 for the first time since June.
The rally follows fresh military strikes in the region. The United States and Saudi Arabia launched strikes on Iran-backed groups in Iraq after accusing them of carrying out drone attacks on Saudi oil facilities.
US President Donald Trump vowed retaliatory strikes against Iran, further fuelling concerns over disruptions to global oil supplies. Analysts expect oil prices to remain highly volatile as geopolitical tensions continue to drive sentiment.