US-Iran Conflict Sends Oil Prices Soaring Amid Escalating Tensions

The ongoing conflict between the US and Iran has sent oil prices on a wild ride, as tensions in the Middle East continue to escalate. The global oil benchmark, was trading at around $89 per barrel after temporarily breaching the $100 mark last week.

Prices have been supported by recent attacks between the two countries, as well as signs that the conflict may be spreading to other parts of the region, including Egypt. An unidentified drone struck gas vessels at Egypt's Damietta port near the Suez Canal on Wednesday, triggering fires and raising concerns about a potential blockade.

Meanwhile, Saudi Arabia has been holding talks with representatives from 43 countries to form a maritime coalition to safeguard shipping in and around the Red Sea. This comes after Iran-backed Houthi militants imposed a blockade last week, further tightening supplies of gasoline, diesel, and jet fuel.