Middle East Tensions Send Oil Prices Soaring

Oil prices have continued to rise following the resumption of fighting in the Middle East. Brent crude futures are up $1.18, or 1.3 percent, to $91.67 a barrel at 07:39 GMT, while US West Texas Intermediate crude is up $1.27, or 1.48 percent, to $87.03.

The recent escalation in tensions has led to a surge in oil prices, with Brent crude futures reaching a new high of $91.67 per barrel and US WTI crude rising to $87.03.

Analyst John Evans from PVM noted that the ongoing conflict between the US and Iran validates concerns about a long-running war.

The Strait of Hormuz, which carries one-fifth of global oil supplies, remains closed due to the ongoing conflict, with efforts by mediators Qatar and Oman to reopen it proving inconclusive so far.