Oil Prices Soar Amid Escalating US-Iran Conflict

Global oil prices have surged to their highest levels in months due to escalating tensions between the US and Iran. The price of Brent crude has crossed $95 per barrel, marking a 7% weekly gain. This represents the largest weekly increase since July.

The sharp rise in oil prices has been driven by the ongoing conflict in the Middle East, which has led to increased volatility in the market. The situation took a turn for the worse earlier this week when Iran struck US military bases in response to a bombing campaign launched by the US.

According to Priyanka Sachdeva, head of analytics at Phillip Nova Pte Ltd., oil markets are reassessing their vulnerability due to the ongoing conflict. She noted that the risk premium may decline only temporarily as long as the key security issue in the region remains unresolved.