Commodities
US-Iran Clashes Send Oil Prices Soaring to Two-Day High
Crude oil prices have surged to a two-day high following the resumption of hostilities between the US and Iran. The latest escalation came on Monday when the US attacked an Iranian target, prompting Tehran to retaliate in what marked the first open fire exchange since July.
The incident has caused Brent crude prices to jump over 2.5% to $90.34 per barrel, a significant spike but still below the peak of $110 per barrel reached during earlier hostilities this year.
The closure of the vital Strait of Hormuz shipping lane by Iran in response to the US attack has contributed to the oil price surge, although experts warn that prices are likely to remain volatile amid ongoing tensions between the two nations.