Oil Prices Surge as US-Iran Tensions Escalate

Oil prices have surged due to renewed hostilities between the US and Iran. Brent crude futures gained 48 cents, or 0.5%, to $96 a barrel on September 4, while US West Texas Intermediate crude futures rose 55 cents, or 0.58%, to $92.

The conflict, which began with US-Israeli strikes at the end of February, has now entered its seventh month. The latest US attacks have resulted in intense clashes between the two countries, with dozens of people killed and wounded, including Iranian civilians.

US Vice President JD Vance said that Washington would not hold talks with Tehran unless Iran stopped attacking commercial shipping in the Strait of Hormuz. Israeli Defence Minister Israel Katz warned that Israel would 'cripple' Iran's military and civilian infrastructure, including energy facilities.