Middle East Tensions Send Oil Prices Soaring by 7% Amid Supply Worries

Oil prices have surged by about 7% on Wednesday due to escalating conflicts in the Middle East and supply concerns. The recent military exchanges between the US, Saudi Arabia, and Iran-backed groups in Iraq have sparked fears of disruptions in oil supplies.

The US government data revealed that domestic crude inventories had fallen to their lowest levels in years, adding to the concerns. Market analysts predict fluctuating oil prices between $80 and $100 per barrel amid continued conflict in the region.