Oil Prices Soar Amid Escalating Middle East Tensions

Crude oil futures have reached fresh multi-week highs due to growing concerns about the US-Iran conflict escalating, amid further reports of regional escalation.

The conflict has led to increased tensions in the Middle East, with attacks on Saudi energy facilities and installations in southern Saudi Arabia reported earlier this week. Officials confirmed these incidents, which add to the uncertainty surrounding oil supplies.

Goldman Sachs has raised its Brent and WTI forecasts after extending its expected duration of Middle East shipping disruptions into next year.