Commodities
Oil Prices Surge as US-Iran Conflict Enters Sixth Month
International oil prices rose for the fourth consecutive trading day as the conflict between the US and Iran continued to drag on without any signs of progress in negotiations.
The price of West Texas Intermediate (WTI) crude climbed above $85 a barrel, while Brent crude traded above $91 a barrel.
The uncertainty surrounding the Strait of Hormuz, a key chokepoint for global oil shipments, has persisted. The US and Iran have yet to narrow their differences over how the strait should be managed.
Data from the American Petroleum Institute showed that total US crude stockpiles edged lower, with inventories at Cushing, Oklahoma, also falling. Middle distillate inventories, including diesel, were estimated to have declined as well.