Commodities
Oil Prices Soar as US-Iran Tensions Escalate
Oil prices surged to their highest since July as tensions between the US and Iran escalated.
Iran's decision to shift to a 'fully offensive' military posture due to stalled peace talks has raised concerns about energy supply disruptions.
Brent crude futures rose 27 cents, or 0.3%, to $91.14 by 0003 GMT, while US West Texas Intermediate crude futures were up 42 cents to $85.04 a barrel.
Analysts warn that the dual chokehold on the Strait of Hormuz and the Bab el-Mandeb remains highly significant, with only five commodity vessels transiting the Hormuz strait on Saturday, down from 31 in the prior weekend.