Tensions with Iran Send Oil Prices Soaring Amid Shipping Risks

Oil prices have been rising due to tensions between the US and Iran, which are threatening Middle East oil supplies.

The Brent crude price reached $93.28 a barrel on Friday, while WTI crude was at $86.39 a barrel, down from previous highs due to the increasing tensions.

Analysts say that even though Iranian exports are already heavily restricted, the situation could worsen if attacks on shipping increase or retaliation against new economic sanctions occur.