US-Iran Conflict Sends Oil Prices Soaring to $90 a Barrel
Oil prices have surged to new highs as tensions between the US and Iran continue to escalate. Brent crude oil prices crossed $90 a barrel on Monday, August 17, marking the third consecutive day of gains.
The prolonged conflict has led to increased uncertainty in the global energy market, with no near-term resolution in sight. US President Donald Trump has signaled that he is not interested in extending the June MoU timeline with Iran, which lapsed on Monday.
Energy Secretary Chris Wright told Fox News that the US is playing the 'long game' with Iran, while US envoy Jared Kushner stated that Trump would be 'patient' in finding a deal. However, Iranian officials have cautioned that any potential agreement would not lead to the immediate reopening of the Strait of Hormuz.