Middle East Tensions Send Oil Prices Soaring
Global oil prices have continued to rise due to escalating tensions in the Middle East, which has raised concerns about potential disruptions to crude supplies and increased uncertainty in international energy markets.
The region plays a crucial role in global oil production and transportation, making markets particularly sensitive to developments in the area. Any disruption to major shipping routes or energy infrastructure could tighten supplies and push prices higher.
Brent crude futures rose by 34 cents, or 0.35%, to $97.34 per barrel, while US West Texas Intermediate (WTI) crude gained $1.15, or 1.26%, reaching $92.63 per barrel.
Fears are growing that the conflict in the region could continue for an extended period, with Iran's warning of potential retaliation against US attacks heightening concerns among investors.