Oil Prices Soar on US-Iran Conflict Fears and Middle East Supply Disruptions
Oil prices have been rising for two weeks straight, with Brent crude futures reaching $93.82 per barrel and U.S. West Texas Intermediate crude futures at $86.78 a barrel.
The increase is due to concerns over the impact of the stalemated US-Iran war on global supply. The conflict has disrupted oil production from major producers in the Middle East, including Saudi Arabia, Iraq, the UAE, and Kuwait.
US President Donald Trump's threat of economic retaliation against nations supporting Iran has also contributed to the price hike. The UAE suspended all financial and economic transactions with Iran until further notice this week.
The Iran war began on February 28 when the US and Israel launched military strikes on Iran, leading to a blockade of the Strait of Hormuz and attacks on energy facilities across the Middle East.