Oil Prices Surge on US-Iran Escalation

Oil prices rose nearly 1% in early trade on Wednesday due to concerns over supply disruption in the Middle East. The US and Iran exchanged strikes overnight, increasing tensions between the two countries.

The United States launched a series of airstrikes against targets in Iran, prompting an Iranian response. The IRGC said the US attacks would further restrict traffic through the Strait of Hormuz, a critical waterway that carried about one-fifth of the global oil consumed before the conflict.

Brent crude futures rose 87 cents to $95.52 a barrel, while U.S. West Texas Intermediate crude futures climbed 80 cents to $91.02. Both contracts soared more than $4 on Tuesday, marking Brent's largest gain since July 24 and WTI's largest since July 23.