US-Iran Hostilities Push Oil Prices Above $95 as Strait of Hormuz Fears Intensify

Oil prices surged above $95 per barrel on Wednesday as hostilities between the US and Iran escalated, raising concerns over disruptions to energy flows from the Middle East. The Brent crude price climbed to its highest level in nearly six weeks, while US crude prices rose towards $91 per barrel.

The renewed confrontation intensified fears over the security of the Strait of Hormuz, a key global oil transit route. The US military launched fresh strikes against Iranian targets around the waterway, with President Donald Trump saying the attacks were retaliation for Tehran's alleged attempts to lay mines in the waterway and an earlier attack on a US military base.

Iran responded by targeting US bases in the region and firing missiles towards Jordan, further raising concerns over a wider regional escalation. US Treasury Secretary Scott Bessent said Iran's bankruptcy was in the 'acceleration phase', while noting that about 17 million barrels of crude had passed through the Strait of Hormuz on Monday.