US-Iran Conflict Escalates as Oil Prices Rise Amid Reciprocal Attacks

The six-month-old conflict between the United States and Iran has escalated further, causing oil prices to rise. The two countries have been at odds over maritime traffic in the Strait of Hormuz, with both sides launching reciprocal attacks on each other's oil tankers.

Last weekend, Iran struck three US-linked vessels traveling through the strait without authorization, while the US military responded by targeting three Iranian oil tankers carrying crude oil. One of the tankers was destroyed in the attack.

The latest developments have driven up oil prices, with Brent crude rising 0.4% to settle near its highest level since July. The US began attacking Iranian oil tankers last week as part of a new policy aimed at deterring Tehran from targeting commercial shipping.