Oil Futures Soar Amid Escalation Fears and Saudi Arabia Attacks

Crude oil futures surged to fresh multi-week highs on growing concerns that the US-Iran conflict would drag on, amid reports of regional escalation. The market is bracing for a prolonged conflict in the Middle East, which could impact global crude supplies.

Flagship Middle East crude oil prices reached four-month highs on Tuesday as renewed escalation sparked fears of a prolonged regional conflict. This has led to a sharp increase in Brent and WTI forecasts by Goldman Sachs, who have extended their expected duration of Middle East shipping disruptions into next year.