Oil Prices Soar to $105 a Barrel Amid Escalating Middle East Conflict

Oil prices have surged to $105 per barrel as tensions in the Middle East escalate. The conflict between the US and Iran has led to hostilities in the Gulf, effectively shutting down the Strait of Hormuz and halting oil and gas shipments to global markets.

Brent crude prices returned above $100 per barrel on Wednesday and have continued to rise. Long-term borrowing costs in the US and UK have also climbed to their highest levels in decades.

President Trump stated that he did not think the fighting would end until after the US mid-term elections in November, adding to investor anxiety about the economic consequences of elevated oil prices.