Commodities
Oil Prices Soar as US-Iran Tensions Escalate
Oil prices surged on Wednesday, extending gains from the previous session as tensions between the US and Iran escalated after a series of airstrikes.
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.
The uptick in oil prices comes after the US launched airstrikes against targets in Iran overnight, prompting a response from Tehran.
ING analysts noted that developments over the past few days have brought risks to regional oil supplies back into focus and rising tensions clearly put crossings at risk.