Oil Prices Soar on US-Iran Conflict Fears

Oil prices have surged nearly 1% in early trade on Wednesday, fueled by concerns over supply disruptions stemming from the escalating US-Iran conflict.

Brent crude futures rose 87 cents, or 0.92%, to $95.52 a barrel by 0008 GMT, while US West Texas Intermediate crude futures climbed 80 cents, or 0.89%, to $91.02.

This marks the second consecutive day of significant gains for both contracts, with Brent recording its largest gain since July 24 and WTI experiencing its largest surge since July 23.