Commodities
Middle East Conflict Sends Brent Crude Prices Soaring Past $95
The price of Brent crude oil surged past $95 per barrel after the US and Iran exchanged direct missile strikes, exacerbating tensions in the Middle East.
The overnight escalation has heightened concerns about global energy supply lines, with Brent crude futures spiking by 0.8 percent to $95.40 a barrel during early Asian trading hours.
The threat of further disruptions to physical supply lines is driving the pricing panic, as Iran's Islamic Revolutionary Guard Corps (IRGC) has threatened to restrict commercial navigation through the Strait of Hormuz, a critical maritime chokepoint that handles 20 percent of global oil consumption.