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Commodities

Oil Prices Soar Above $91 as US-Iran Tensions Escalate

Guavy AI Editorial Team
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Oil
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Oil prices have risen above $91 a barrel for the first time since June 11 due to escalating tensions between the US and Iran.

The Strait of Hormuz, which carries around a fifth of the world's seaborne oil, has seen renewed fighting, with Washington and Tehran trading fire over the weekend.

Brent crude and US benchmark West Texas Intermediate have extended their gains from last week, climbing more than four percent.

Analyst Stephen Innes of SPI Asset Management noted that markets are being forced to weigh two contradictory stories: a rise in oil prices driven by geopolitical risk, but also cooling underlying US inflation and a softer labor market.

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