U.S.-Iran Conflict Sends Oil Prices Soaring Above $90 per Barrel

Global oil prices surged on the 31st local time due to renewed military clashes between the United States and Iran. The U.S.-Iran conflict escalated after a month of relative quiet, with both sides engaging in airstrikes.

The Strait of Hormuz, a critical route for global oil shipments, was at the center of the tensions. Brent crude prices rose 3.54% to $91.22 per barrel on London's ICE Futures Exchange, while West Texas Intermediate (WTI) prices increased 3.39% to $86.23 per barrel.

U.S. President Donald Trump threatened Iran's largest crude oil export hub, Kharg Island, in a post on social media platform Truth Social. The threat sparked concerns about potential supply disruptions and blockades in the Strait of Hormuz.