US Carrier Buildup in Middle East Sends Oil Prices Soaring Again

The US Navy has deployed its third aircraft carrier to the Middle East, fueling concerns of escalating tensions in the region.

The USS Theodore Roosevelt is joining the USS George H.W. Bush and the USS George Washington in the area, according to a report by the Wall Street Journal.

This move comes as the US Treasury continues its efforts to isolate Iran economically, with additional sanctions imposed on the country's automotive and rail sectors.

The increased military presence in the region has sent oil prices surging, with Brent crude rising 4.4% to $102.31 per barrel and U.S. West Texas Intermediate futures climbing 2.7% to settle at $92.87 a barrel.