Commodities
Oil Prices Climb as US-Iran Tensions Escalate
Oil prices surged nearly 1% in early Asian trading on September 2 as renewed hostilities between the US and Iran heightened concerns over disruptions to crude supplies from the Middle East. The Brent crude futures rose $0.87, or 0.92%, to $95.52 a barrel, while US West Texas Intermediate (WTI) crude futures gained $0.80, or 0.89%, to $91.02 a barrel.
The latest gains came after the US and Iran exchanged strikes overnight, reviving concerns over the security of oil flows through the Strait of Hormuz and raising doubts about a quick de-escalation of the conflict.