US-Iran Clashes Send Oil Prices Soaring
Oil prices are rising due to heightened concerns over Middle East supply risks. Tensions between the US and Iran have led to renewed hostilities, with the US launching attacks that killed and wounded dozens of Iranian civilians.
The Brent crude futures rose by 54 cents or 0.6% to $96.06 a barrel, while U.S. West Texas Intermediate crude futures climbed 80 cents or 0.9% to $92.10.
This week's gains are the steepest since mid-July, with Brent rising 7.6% and WTI up by 10.4%. Analysts at ANZ have raised their forecast for Brent crude to $95 a barrel in the short term, citing an upside risk if the conflict intensifies.
US Vice President JD Vance stated that Washington does not plan to hold talks with Iran unless Tehran stops attacking commercial shipping in the Strait of Hormuz. However, Russian President Vladimir Putin expressed optimism about reaching a deal to end the war in Ukraine, saying both the US and China are prepared to support a peace settlement.