Oil Prices Soar Amid US-Saudi-Iran Tensions and Strait of Hormuz Concerns

Oil prices surged sharply on Wednesday as fresh military confrontations among the United States, Saudi Arabia, and Iran kept market participants wary of possible supply interruptions.

Brent crude futures climbed $3.22, or 3.83%, to $87.31 a barrel, while US West Texas Intermediate (WTI) crude advanced $3.00, or 3.79%, to $82.26 a barrel.

The increase was fueled by elevated geopolitical risks after new attacks erupted across the region.

Oman has submitted a proposal backed by Gulf states to establish a system for managing traffic through the Strait of Hormuz.