Oil Prices Surge Amid Fears of Strait of Hormuz Disruptions

Oil prices have continued to rise for the fourth consecutive day due to supply fears sparked by US-Iran strikes. According to Reuters, Brent crude futures rose by $0.75, or 0.8%, to $95.40 a barrel, while West Texas Intermediate crude rose by $0.44, or 0.5%, to $90.66.

The market is concerned about potential supply disruptions in the Strait of Hormuz, one of the world's most important oil transportation routes. The US-Iran conflict has escalated over the past few weeks, with the US carrying out airstrikes on targets in Iran and Tehran responding with ballistic missile strikes.

US President Donald Trump stated that reaching a deal with Iran was no longer a priority for him, preferring the current level of control over the Strait of Hormuz. This development has led to increased uncertainty about the future of oil supplies through this critical route.