Commodities
Oil Prices Surge Amid Escalating US-Iran Tensions
Oil prices rose on Thursday as tensions between the US and Iran escalated after President Donald Trump vowed to take action against Tehran.
The Brent crude futures for October traded at $88.89 per barrel, up 0.9% from the previous close of $88.09, while the West Texas Intermediate (WTI) futures traded at $84.69 per barrel, up 0.4% from $84.46.
The increase in oil prices was attributed to Trump's warning that the US would hit Iran 'very hard' after a drone attack on a US-owned LNG tanker in Egypt.
Iran's Islamic Revolutionary Guard Corps (IRGC) warned that the Strait of Hormuz would remain closed as long as US threats persisted, adding that its naval forces maintained full control over the strategic waterway.