Tensions between US and Iran Send Oil Prices Soaring

Oil prices surged to fresh six-week highs on Thursday after renewed tensions between the US and Iran fueled concerns about Middle East supply disruptions.

The Brent crude futures contract rose by $1.66, or 1.7%, to $97.29 a barrel at 1200 GMT, while U.S. West Texas Intermediate crude futures jumped $2.03, or 2.2%, to $93.04.

The increase in prices was attributed to the US strikes on Iran and Israeli threats against Tehran, which heightened concerns about disruptions to Middle East supplies.

UBS energy analyst Giovanni Staunovo noted that 'the oil market remains tight, with oil inventories still declining globally translating into higher prices.'