Oil Prices Soar Amid US-Iran Conflict Escalation

Oil prices continued their upward trend on September 2, rising by 0.8% to $95.40 per barrel for Brent crude and 0.5% to $90.66 for U.S. West Texas Intermediate (WTI) crude futures.

The surge in oil prices comes amid growing concerns about supply disruptions following a new exchange of strikes between the United States and Iran, which weakened hopes for a swift easing of tensions in the Middle East.

According to Reuters, the latest escalation began with U.S. airstrikes against targets in Iran overnight on September 2, prompting a retaliatory response from Tehran and marking the most serious escalation in the conflict between the two countries in recent weeks.

The United States said it had focused its attacks on preventing the deployment of new mines in the Strait of Hormuz, which is a critical waterway for global oil trade.