Commodities
Oil Prices Soar on Escalating US-Iran Conflict
Oil prices are surging as hostilities between the US and Iran escalate, putting Brent crude near $96 a barrel. This is a significant increase, with Brent up over 7% this week alone.
The conflict in West Asia has been intensifying, with Iranian forces targeting vessels passing through the Strait of Hormuz and firing missiles at Jordan, Kuwait, and Bahrain. The US has carried out bombing campaigns against Iran, leading to retaliatory strikes on American bases in the region.
Despite the unrest, some crude shipments continue to leave the Gulf region via the Strait of Hormuz. Saudi Arabia has left the price of its flagship crude unchanged for next month, suggesting that market tightness may have eased.