Oil Prices Surge Amid Escalating US-Iran Tensions

International oil prices have surged again amid escalating tensions between the US and Iran. The Strait of Hormuz, which accounts for about 20% of global oil shipments, remains a focal point in this conflict.

Iran has issued warnings that it will escalate its attacks on the US if the blockade continues, fueling concerns over potential disruptions to energy supplies through the waterway. This has pushed prices up, with West Texas Intermediate (WTI) topping $97 and Brent crude climbing above $101 a barrel, marking the first time Brent has broken above $100 since July.

US President Donald Trump said that the war is unlikely to end until after the November midterm elections, indicating that gasoline prices will remain elevated in the short term. This prediction adds to market concerns over possible oil supply disruptions and further pushes up crude prices.