US-Iran Conflict Sends Oil Prices Soaring for Third Straight Day

Oil prices surged for the third consecutive day as tensions between the United States and Iran escalated. Brent crude hit nearly $97 per barrel, while US West Texas Intermediate (WTI) hovered near $91. The price increase follows a fresh renewal of hostilities between the two countries.

The Strait of Hormuz, through which around 17 million barrels of crude passed on Monday alone, remains a key concern for traders. Iran's President Masoud Pezeshkian signalled openness to de-escalation in a statement at the Shanghai Cooperation Organisation summit, saying Tehran would reciprocate immediately if Washington returned to the terms of a June memorandum of understanding.

The conflict has pushed oil prices more than 30% above levels seen before the war began in late February. US Treasury Secretary Scott Bessent described Iran's economy as having entered an 'acceleration phase' of financial collapse, according to a Bloomberg report. The Strait of Hormuz has become increasingly important for traders, with some Gulf exporters continuing to ship crude despite the heightened risk.