Oil Prices Surge Above $95 Amid Escalating US-Iran Tensions

Oil prices have surged above $95 per barrel after fresh military exchanges between the United States and Iran sparked concerns over potential disruptions to global crude supplies.

The Brent crude price rose nearly 1.2% to $95.68 a barrel, while US West Texas Intermediate (WTI) increased around 0.9% to $91.05 a barrel.

The latest escalation followed US strikes on Iranian military and maritime targets, including air defence systems, radar installations, shipping-related assets, and communication facilities.

Washington said the action was in response to attacks by Iran's Islamic Revolutionary Guard Corps (IRGC) on commercial vessels in the Strait of Hormuz and US personnel in the region.