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US-Iran Conflict Sends Brent Crude Price Soaring

Guavy AI Editorial Team
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Oil
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The price of Brent crude oil has increased by $4.56 per barrel to $91.66 per barrel due to renewed fighting between the US and Iran.

The US Central Command (CENTCOM) has carried out strikes on Iranian military sites, including missile facilities and maritime capabilities, erasing hopes of de-escalation in the region.

Tehran has rejected Oman's proposal to share control of the Strait of Hormuz, seeking complete control over the critical oil chokepoint.

The Houthi militants, backed by Iran, plan to impose fees on commercial vessels navigating the Bab al-Mandeb Strait, another important oil transit route in the region.

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