US-Iran Conflict Sends Oil Prices Soaring Above $90 Per Barrel
Oil prices have surged above $90 per barrel for the first time in weeks after the US and Iran carried out strikes against each other. The conflict, now in its sixth month, has escalated tensions in the region.
The US Central Command confirmed that the US military conducted new strikes against Tehran on Tuesday night, while Iranian forces targeted commercial shipping vessels in the Strait of Hormuz and US service members deployed to the Middle East.
President Donald Trump said earlier this week that the US would 'hit them hard' after Iran's recent attacks on US military bases. However, Tehran claims those attacks were retaliation for American forces targeting Iranian rocket launchers on Larak Island.
The US Treasury Secretary, Scott Bessent, has vowed to 'asphyxiate' the regime with a significant sanctions package against Iran as part of its 'economic D-Day'. He revealed that they are tracking down the IRGC's assets and will freeze them.