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Commodities

Oil Prices Skyrocket Amid US-Iran Conflict

Guavy AI Editorial Team
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Oil
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Crude oil prices surged to over $101 per barrel on Thursday as tensions between the US and Iran escalated in the Strait of Hormuz.

The conflict has led to a significant increase in crude oil prices, with Brent and West Texas Intermediate (WTI) blends rising to $102.30 and $97.52 per barrel respectively.

This marks a 1.05% and 1.53% increase for Brent and WTI on a day-to-day basis as the US and Iran continue their battle for dominance in the Gulf region.

The Iranian officials have claimed that they attacked 10 ships near the Strait of Hormuz, while the US has also made claims of retaliatory attacks against Iran.

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