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Oil Prices Soar as US Strikes Iran and Israel Warns of Military Action

Guavy AI Editorial Team
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Oil prices surged to six-week highs on renewed tensions in the Middle East after new US strikes on Iran and warnings from Israeli Defence Minister Israel Katz.

The Brent crude futures rose by $1.66, or 1.7%, to $97.29 a barrel, while US West Texas Intermediate crude futures increased by $2.03, or 2.2%, to $93.04.

The latest attacks between the US and Iran marked the most substantial exchange of fire since July, with the war now in its seventh month.

Saxo Bank analyst Ole Hansen attributed the jump in oil prices to Katz's comments, which had fueled concerns about disruptions to Middle East supplies.

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