Commodities
Oil Prices Skyrocket as US-Iran Tensions Reach Boiling Point
Oil prices continued their rally on Wednesday, reaching near-record highs as tensions between the US and Iran escalated. Brent crude futures rose 1.4% to $99.32 per barrel, while West Texas Intermediate (WTI) crude futures gained 1.5% to $94.44 per barrel.
The price surge comes after a series of attacks by Iran-backed Houthi forces on Saudi Arabia's energy and economic facilities, which injured over 70 people and damaged several refineries.
US Secretary of State Marco Rubio warned Tehran that Washington would continue striking Iranian oil tankers in retaliation for attempted attacks on US warships. The attacks have added to disruptions around the Strait of Hormuz, a critical conduit for global oil flows.