Oil Prices Soar as US-Iran Tensions Escalate

Oil prices have surged to a six-week high as tensions between the US and Iran continue to escalate. The October WTI crude oil (CLV26) has risen by +1.99 (+2.32%) on concerns of prolonged disruptions to energy flows through the Strait of Hormuz.

The Strait of Hormuz is a critical waterway for global oil supplies, with over 20% of the world's oil passing through it. The recent attacks on two oil supertankers and the US-Iran military conflict have raised concerns about the safety of shipping in the region.

The International Energy Agency (IEA) has warned that the global oil supply deficit will worsen, with oil inventories expected to fall at twice the previously estimated rate due to ongoing disruptions from the US-Iran war.