US-Iran Conflict Drives Crude Oil Prices Higher
Crude oil futures rose sharply after a series of strikes on oil tankers in the US-Iran conflict, sparking concerns about regional instability.
The conflict escalated with Iran claiming attacks on eight tankers in the Gulf, while the US disabled several vessels.
This has led to increased prices for Middle East crude oil, which have raced to four-month highs due to fears of prolonged disruptions to shipping.