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Oil Prices Soar to Three-Month High Amid Escalating US-Iran Tensions

Guavy AI Editorial Team
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Oil
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Oil prices have surged to a three-month high as tensions between the US and Iran escalate. The price of Brent crude has reached $100 per barrel, while WTI is approaching $95.

The recent move higher comes after US forces struck five Iranian tankers on Tuesday in response to Iran's attempt to strike a US Navy warship. Tehran responded by launching missiles at a US base in Jordan and said it attacked two US vessels and eight oil tankers in the Strait of Hormuz.

The tit-for-tat strikes between the two countries have heightened worries about supply disruptions and lifted the risk premium on oil. The market is pricing in an elevated risk premium, with Brent trading at a three-month high.

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