US-Iran Conflict Reignites, Global Economy Under Pressure as Oil Prices Surge Past $95

The ongoing conflict between the United States and Iran has escalated once again, with both sides exchanging fire in recent days. Iranian forces retaliated against US airstrikes by targeting multiple American allies across the Persian Gulf, including military bases in Jordan, the UAE, Kuwait, Bahrain, and Iraq's Kurdistan region.

Brent Crude futures surged to $94.52 per barrel on Tuesday, a 4.5% increase, while US West Texas Intermediate crude rose approximately 5% to close at $90.03 per barrel. Bloomberg Economics warns that the conflict is dragging on with no end in sight and no clear winner, placing mounting pressure on the global economy.

President Donald Trump posted on his social media platform Truth Social that Washington has no intention of forcing Iran back to the negotiating table, adding that the United States now has 'almost total control' of the Strait of Hormuz while Iran's economy is in full collapse.