Commodities
US-Iran Conflict Escalates Oil Prices Amid Strait of Hormuz Tensions
The ongoing conflict between the US and Iran has sent oil prices soaring as tensions escalate in the Strait of Hormuz.
The US military has deployed forces to escort commercial vessels through the vital waterway, which is one of the world's most important energy corridors. The operation aims to keep the Strait open amid the war with Iran.
Forty commercial vessels carrying approximately 18 million barrels of oil have been escorted through the Strait, with Brent crude rising 4.6 percent to $94.65 a barrel due to increased concerns over security risks and disruptions in energy supplies.