Middle East Tensions Send Oil Prices Soaring

Oil prices have surged to their highest levels since late July due to escalating tensions in the Middle East and a prolonged standoff over the Strait of Hormuz.

The Brent and West Texas Intermediate crude have seen modest gains for three consecutive sessions, driven by dwindling hopes for a resolution to the conflict. The US's rejection of a ceasefire extension has fueled fears of extended disruptions in energy supplies.

The Iran-US peace deal is on shaky ground after the US refused to renew it, reigniting security issues in the Strait of Hormuz and further limiting oil tanker movements through this key channel.