Middle East Tensions Spark 7% Oil Price Surge Amid Supply Concerns

Oil prices skyrocketed by 7% as tensions in the Middle East continue to escalate. The recent airstrikes on Iran-backed groups in Iraq, attributed to drone attacks on Saudi oil facilities, have raised fears of supply shortages.

Data from the U.S. government revealed that domestic crude inventories had plummeted to their lowest levels in years, further stoking market anxieties.

The volatile situation is expected to keep oil prices fluctuating between $80 and $100 per barrel in the short term, according to energy analysts.