Commodities
Oil Prices Soar as US-Iran Conflict Intensifies
Oil prices surged to nearly a six-week high as the US-Iran conflict intensified in the Strait of Hormuz, through which about one-fifth of the world's oil supply travels.
Brent oil futures rose to around $97 a barrel on Monday, up 9 percent over the last five days and 19 percent over the past month. This marks the highest point since July 24th when prices topped $97.93.
US West Texas Intermediate crude similarly rose to $92.27 a barrel, also a near six-week high.
Rachel Ziemba, an adjunct senior fellow at the Center for a New American Security, attributed the price increase to continued conflict and exchange of fire in the region, resulting in supply deficits and shortages.