Oil Prices Surge as US-Iran Conflict Escalates

The US-Iran conflict has led to another increase in oil prices, with Brent crude futures rising by 1% to close at $95.63 a barrel on Wednesday.

The price hike comes as the two countries exchange military strikes for the seventh month, causing concerns over the security of oil flows through the Strait of Hormuz.

Mark Shafer, director at Liquidity Energy, noted that 'the key concern for the oil market is whether the renewed hostilities will lead to a further deterioration in actual oil flows in the region'.