Oil Prices Surge Amid Ongoing Iran Conflict Fears
Oil prices continued their upward trend on Thursday, with Brent crude futures reaching $101.34 per barrel. The price of US West Texas Intermediate (WTI) crude rose to $96.55 per barrel.
The increase in oil prices is attributed to concerns over supply disruptions due to the ongoing threat posed by US aggression against Iran to shipping traffic through the Strait of Hormuz.
According to ANZ analyst Daniel Hynes, 'the tit-for-tat attacks suggest that oil flows from the Persian Gulf are likely to remain disrupted for the foreseeable future.'