Middle East Tensions Send Oil Prices Soaring Again
Oil prices continued their upward trend on Thursday, reaching new highs as tensions in the Middle East escalated. The conflict between the US and Iran has been ongoing for eight months, with little progress towards a diplomatic resolution.
The Pentagon is considering deploying an additional aircraft carrier and 10,000 sailors and Marines to the Persian Gulf, according to a US official. This move would give President Donald Trump more options in case he decides to escalate attacks on Iran.
Oil futures have swung sharply this week as traders weighed the improving Middle East flows against the risk of escalation. Brent oil prices remain 70% higher this year compared to last, with West Texas Intermediate rising above $93 a barrel after adding almost 3% in the previous session.