Middle East Tensions Send Oil Prices Soaring

International oil prices surged by nearly 8% on the 29th local time due to renewed military exchanges between the US and Iran.

The tensions escalated after a brief pause over the weekend, with Brent Crude Oil futures for September delivery on the ICE Futures Exchange closing at $90.74 per barrel, up 7.9% from the previous session.

Earlier, global oil prices had been falling sharply through the previous day as the US halted airstrikes on Iran after the 24th.

CENTCOM announced that Iranian forces fired ballistic missiles at US military bases in the Middle East, prompting a strong retaliatory response from the US forces.

Subro Sarkar, head of energy at DBS Bank, forecast that Brent Crude Oil prices would likely fluctuate within a range of $80 to $100 per barrel due to ongoing tensions in the Middle East.