Oil Prices Soar Overnight Amid Escalating U.S.-Iran Tensions

Oil prices surged overnight after tensions between the U.S. and Iran escalated over the weekend.

The American military launched its ninth consecutive night of attacks on Iran, with Brent crude prices rising above $90 a barrel in Asian trading.

Growing concerns that an escalation in the conflict could disrupt global energy supplies have driven up oil prices, with WTI crude futures expiring in August climbing over 2% to $84.33 per barrel.

Oil companies such as Battalion Oil Corp. (BATL) and Trio Petroleum Corp. (TPET) rose by more than 7% and 8%, respectively, while Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) gained around 1% each.