Oil Prices Soar as US-Iran Conflict Escalates

Oil prices surged again on Wednesday as concerns over supply disruption intensified following the US and Iran exchanging strikes overnight.

The Brent crude futures rose $1.03, or 1.1%, to $95.68 a barrel, while US West Texas Intermediate crude futures climbed 61 cents, or 0.7%, to $90.83, according to early trade data.

The sharp gains come after the US launched airstrikes against targets in Iran overnight, prompting a response from Tehran, marking the most serious escalation of the conflict between the two countries in weeks.