Oil Prices Surge as US-Iran Conflict Escalates Further

Oil prices surged by over 2% after the US launched strikes against an Iranian island in the Strait of Hormuz, prompting Tehran to retaliate against American bases. The conflict has entered its sixth month and shows no signs of abating.

Brent crude futures rose $2.51, or 2.85%, to $90.61 a barrel, while US West Texas Intermediate (WTI) crude futures gained $2.13, or 2.55%, to reach $85.53 a barrel. The escalation of tensions has raised concerns about supply disruptions in the region.

US Treasury Secretary Scott Bessent said Washington will likely unveil weekly secondary sanctions to completely isolate Iran from the dollar-based financial system. This move is expected to further exacerbate the situation and push oil prices higher.