Oil Prices Soar on Escalating US-Iran Tensions

Global oil prices have been volatile in recent days due to escalating tensions between the US and Iran. The global oil benchmark, was last trading at around $89 per barrel but temporarily reached $100 per barrel last week. This is significantly higher than pre-war levels.

The conflict has also affected other regions, with an unidentified drone striking gas vessels at Egypt's Damietta port near the Suez Canal on Wednesday. This incident sparked fires and raised concerns about another critical energy transit route coming under threat.

Meanwhile, Saudi Arabia is forming a maritime coalition to safeguard shipping in and around the Red Sea. The coalition aims to counter a blockade imposed by Iran-backed Houthi militants last week.