Oil Prices Soar Amid Escalating Middle East Tensions

The price of Brent crude oil futures has surged nearly 6% to $109.97 per barrel, reaching its highest level in four months. This significant increase comes after a series of attacks between the US and Iran around the Strait of Hormuz.

According to AFP, crude oil prices have risen more than 30% over the past week due to escalating tensions in the region. The Yemeni armed forces' advances toward the Bab al-Mandeb waterway, targeting Saudi energy facilities in response to Riyadh's blockade and attacks, have also contributed to the price hike.

The US benchmark oil (West Texas Intermediate) has reached over $104 per barrel, a figure last seen in May. With no signs of an end to the conflict, investors are bracing themselves for another wave of inflation, putting pressure on central banks to tighten monetary policies further.