Oil Prices Soar Amid Escalating US-Iran Conflict

Crude oil prices surged nearly 2% on Wednesday as tensions between the US and Iran escalated, sparking concerns over potential supply disruptions in the Gulf.

The price of Brent crude rose by as much as 1.79%, or $1.76, to trade near $100 a barrel, while US West Texas Intermediate (WTI) crude gained 1.88%, or $1.75, to reach $94.78 a barrel.

Brent prices have climbed more than 20% since early August as hopes for a permanent resolution to the six-month-old conflict have faded and fighting has intensified across the region.

The latest surge in oil prices was triggered by reports of Iran-backed Houthi forces attacking four cities in southern Saudi Arabia, a US ally, on Tuesday, injuring more than 70 people and setting oil installations on fire.