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Commodities

Oil Prices Surge to Multi-Month High Amid US-Iran Tensions

Guavy AI Editorial Team
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Oil
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Global oil prices surged on Thursday as escalating hostilities between the US and Iran, along with fresh Houthi attacks on commercial shipping in the Red Sea, intensified fears of disruptions to global energy supplies.

Brent crude briefly climbed above $100 per barrel for the first time in months, while West Texas Intermediate (WTI) crude traded near $85 per barrel, supported by the same geopolitical concerns.

Traders closely monitor the security of the Strait of Hormuz and the Bab el-Mandeb Strait, two strategic maritime routes through which a significant share of the world's crude oil is transported.

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