Oil Prices Surge as US-Iran Conflict Escalates

The oil market remains under pressure as US-Iran tensions escalate, with prices reaching near $97 per barrel. Specialists at Caspiy Neft's Airankol oil field in Kazakhstan work to maintain production levels amidst growing concerns over supply disruptions.

Following a series of tit-for-tat strikes on vessels in the Strait of Hormuz and elsewhere, Brent crude futures rose 52 cents or 0.54% to $96.80 per barrel by 2354 GMT. US West Texas Intermediate crude was at $92.14 per barrel, up 66 cents or 0.72%

The Saturday attacks between the US and Iran represent a 'major escalation in the maritime conflict', according to Marisks, a maritime intelligence firm.

An average of 10 commodity ships transited the Strait of Hormuz each day over the past 10 days, the lowest level since May, according to Kpler data. Mohsen Rezaei, secretary of Iran's Supreme National Security Council, announced that a restricted zone will be established outside the Strait of Hormuz in the coming days.

OPEC+ kept its oil output policy unchanged for October, despite the ongoing tensions. Analysts predict a prolonged standoff and delayed recovery of Middle East supply, with exports expected to remain constrained through 2026 before a gradual reopening late in Q4 2026.