Oil Prices Soar Above $90 as Saudi Arabia Joins US Airstrikes

Oil prices surged above $90 per barrel on Wednesday after Saudi Arabia joined the United States in launching airstrikes against Iranian-backed groups in Iraq, heightening fears of a wider conflict in the Middle East and raising concerns over global crude supply.

The Brent crude price rose more than 7% to trade at $90.25 per barrel, while US West Texas Intermediate (WTI) crude increased by 6.8% to $84.65 per barrel.

US President Donald Trump vowed a forceful response to Tehran's actions, stating, 'We'll be hitting them hard. They're going to get a beating.'

The renewed hostilities have put the Strait of Hormuz at the center of market concerns, with Iran rejecting Oman's proposal for joint regional management of the strategic waterway.