US-Iran Conflict Sends Oil Prices Soaring Near $94 a Barrel

Oil prices continue to rise due to the ongoing US-Iran conflict, which has disrupted energy supplies. Brent crude hovered near $93.89 per barrel around 7:30 am IST on Friday, having gained 2.4% in the previous session.

The US West Texas Intermediate stood at 86.84 per barrel after a 2.3% rise a day earlier. The conflict has raised concerns over continued curtailments from major oil producers including Saudi Arabia, Iraq, the UAE and Kuwait.

US President Donald Trump had warned that countries supporting Iran could face retaliation, as efforts to resolve the war remained stalled. The UAE also suspended all financial and economic transactions with Iran until further notice this week.