Oil Prices Surge Amid US-Iran Conflict Escalation

Global oil prices rose sharply on September 2 in response to escalating tensions between the US and Iran, following a series of airstrikes by both countries.

The Brent crude futures price increased by $0.75, or 0.8%, to $95.40 per barrel, while U.S. West Texas Intermediate (WTI) crude rose by $0.44, or 0.5%, to $90.66 per barrel.

The latest price surge came after the US announced a series of airstrikes on targets in Iran on September 2, prompting Tehran to respond with its own strikes.

Iran's Islamic Revolutionary Guard Corps (IRGC) stated that the US attacks could further restrict shipping through the Strait of Hormuz, which is critical to global energy markets.