Oil Prices Soar Amid Escalating Middle East Tensions

Oil prices continue their upward trend as concerns over prolonged supply disruptions in the Middle East intensify. The United States and Iran's ongoing exchanges of attacks have led to a decline in oil flows, causing Brent crude futures to rise 0.54% to $96.80 per barrel, while US West Texas Intermediate crude gained 0.72% to $92.14 per barrel.

The recent surge in prices can be attributed to the heightened tensions between the two countries, which have resulted in a significant increase in oil prices last week. Brent surged 7.8%, while WTI climbed about 10%, following the resumption of attacks.

Marine intelligence firm Marisks has noted that commercial tankers are being used deliberately as instruments of mutual economic pressure, eroding the distinction between military confrontation and commercial shipping.