Oil Prices Surge as Tensions Escalate Between US and Iran

Oil prices continued their upward trend on Wednesday, as concerns over supply disruptions escalated after a series of airstrikes between the US and Iran.

The Brent crude futures rose by $1.03 (1.1%) to $95.68 per barrel, while US West Texas Intermediate crude futures climbed 61 cents (0.7%) to $90.83.

The surge in oil prices comes after the US and Iran exchanged strikes overnight, with Tehran warning that American attacks would further restrict traffic through the Strait of Hormuz, a critical waterway for global oil supplies.

Analysts pointed out that the conflict has brought risks to regional oil supplies back into focus, with rising tensions putting crossings at risk.