Commodities
US-Iran Conflict Pushes Brent Crude Above $105
Brent crude oil prices have surged above $105 per barrel as tensions between the US and Iran escalate, raising concerns over global energy supplies.
The international benchmark rose by 4% to $105.24 per barrel on Thursday, reaching levels last seen in May, according to reports.
The price hike was driven by the ongoing conflict, which has now entered its seventh month, with intensifying attacks on shipping raising fears of further disruptions to oil flows from the Middle East.
US President Donald Trump said that the war would 'end immediately' after the Nov. 3 midterm elections, but senior White House advisers have privately discussed the possibility of a prolonged conflict, according to a Wall Street Journal report citing US officials.