Middle East Tensions Send Oil Prices Soaring to $96 Per Barrel

Oil prices have surged to $96 per barrel as tensions in the Middle East escalate. The price increase comes after US attacks against Iran were followed by Iranian retaliation, raising fears of prolonged disruptions to energy supplies through the Strait of Hormuz.

The US has accused Iran of firing missiles at its bases in Iraq, while Iranian forces have continued to target ships moving through the critical oil transport corridor. Israel has also warned that a new Iranian attack could free it from current restrictions, further increasing tensions.

The price increase is significant, with Brent crude up about 0.30% on the day and more than 7% on the week. US West Texas Intermediate (WTI) crude has also risen, trading near $92 per barrel, up about 0.60%.