Oil Prices Soar to $95 Amid US-Iran Escalation

Oil prices surged to $95 after the US and Iran exchanged military strikes overnight, raising concerns about supply disruptions in the Middle East.

The Brent crude futures rose by 75 cents or 0.8% to $95.40 a barrel while US West Texas Intermediate crude futures climbed by 44 cents or 0.5% to $90.66.

The sharp increase comes after a series of airstrikes against targets in Iran, prompting a response from Tehran and further restricting traffic through the Strait of Hormuz, a critical waterway for global oil supplies.

Analysts at ING said that developments in recent days have brought risks to regional oil supplies back into focus, with rising tensions clearly putting crossings at risk.