Commodities
Oil Prices Soar Amid Middle East Tensions
The price of crude oil has risen again, reaching $89.63 per barrel for Brent futures and $83.91 per barrel for WTI futures, after a series of attacks on ships in the Middle East.
The recent surge in prices comes despite an increase in US crude inventories, according to industry data.
The uncertainty surrounding a possible US-Iran peace deal has added to the volatility in oil markets, as well as concerns over supply disruptions in the region.
JPMorgan estimates that every additional month of disruption could push Brent up by about $7 to $8 a barrel, while Goldman Sachs warns that Brent could rise to $120 a barrel if shipping disruptions through the Strait of Hormuz continue.