Commodities
Middle East Tensions Push Oil Prices Higher Amid US Military Buildup
The US military buildup in the Middle East has led to an increase in oil prices, with Brent crude rising by 4.4% to $102.31 per barrel and WTI futures climbing 2.7% to $92.87.
The move comes as Washington sends a third aircraft carrier, the USS Theodore Roosevelt, to join the USS George H.W. Bush and the USS George Washington in the region, adding to concerns that tensions may escalate further.
The US Treasury has also expanded sanctions on Iran's automotive and rail sectors, including measures against the Russia-linked A7 Network supporting Iranian sanction evasion.