Oil Prices Soar Amid Renewed Tensions Between US and Iran
Oil prices have extended their gains as hostilities between the US and Iran escalated once again. The Middle East region, which is already vulnerable due to the ongoing conflict, has seen Brent futures trade near the highest closing level in five weeks. The recent surge in oil prices comes after a 4.6% increase on Tuesday.
The US military conducted its second day of strikes against Iran, with President Donald Trump warning that more attacks may follow if Tehran responds. Within hours, Iran retaliated by launching missile strikes against Jordan, Bahrain, and Kuwait, which host American forces.
Brent futures have stabilized at around $95 a barrel, while West Texas Intermediate has traded near $90. The uncertainty surrounding the conflict's outcome continues to weigh on global energy markets.