Oil Prices Surge Amid Middle East Tensions

Crude oil prices hovered at six-week highs on Thursday, reaching $91 a barrel. The increase in price comes as investors continue to monitor the situation in the Middle East, including the evolving strikes and their impact on oil supplies through Hormuz.

Iran claimed overnight strikes on US bases in the region, while Israel indicated it was prepared to return to fighting if necessary. US President Trump stated that the renewed hostilities would not last 'too long.'

Despite the escalation, there were signs that crude supplies were still reaching the market. Six commodity vessels transited the Strait of Hormuz on Wednesday, down from 11 on Tuesday and compared to the 10-day average of nearly 13.