US-Iran Conflict Drives Oil Prices Above $97 a Barrel

Global oil prices surged to their highest intraday level since early June after an escalation in hostilities between the United States and Iran. The US-Iran conflict pushed Brent futures above $97 a barrel on Wednesday, with analysts citing geopolitical risks as the primary driver of price increases.

The latest surge followed fresh US air strikes on Iranian targets on Tuesday, prompting retaliatory strikes by Tehran. Iran launched missiles and drones at sites across the region and targeted US-linked assets in Jordan, according to reports.

Analysts predict continued supply disruptions due to the ongoing conflict. Yan Lili from Xinhu Futures noted that 'traders are bracing for further supply disruptions' as there appears to be no near-term resolution to the hostilities.