US-Iran Strikes Spark Oil Price Surge Amid Supply Concerns

Oil prices surged by around 1% in early trading due to supply disruptions caused by strikes between the US and Iran.

The tensions between the two countries have reduced hopes that Middle East tensions will ease in the near term, leading to a rise in oil prices.

Brent crude futures rose $0.87, or 0.92%, to $95.52 a barrel, while US West Texas Intermediate (WTI) crude futures gained $0.80, or 0.89%, to reach $91.02 a barrel.

This marked the biggest gain for Brent since July 24 and for WTI since July 23.