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Oil Prices Skyrocket Over 7% Amid US-Iran Tensions and Trump Warning

Guavy AI Editorial Team
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Oil
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Oil prices surged over 7% on Wednesday as escalating Middle East tensions and US President Donald Trump's warning to Iran heightened fears of supply disruptions and renewed inflation.

Brent crude rose above $90 per barrel, while West Texas Intermediate (WTI) climbed to around $84.77, reflecting growing concerns that the conflict could disrupt one of the world’s most important energy corridors.

The Bab el-Mandeb Strait, a critical shipping route for global energy supplies, is under pressure as tensions in the Red Sea escalated after the Iran-backed Houthi group reportedly considered imposing transit fees on commercial vessels passing through the strait.

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