US-Iran Conflict Fuels Oil Price Surge Past $93
Oil prices have surged past $93 per barrel as tensions between the US and Iran intensify, fueling fresh supply fears. Brent crude is trading at $93.89 a barrel, with WTI at $86.84.
The prolonged conflict has disrupted global energy supplies, pushing crude prices to their strongest levels in weeks. The latest rally has added more than 7% to Brent over the past five sessions, while WTI has gained over 8% during the same period.
US President Donald Trump's warning against countries supporting Iran has added another layer of uncertainty for energy markets already dealing with disruptions across the region. The UAE has also suspended financial and economic transactions with Iran until further notice, underscoring the deteriorating economic relationship between the two nations.