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Commodities

US-Iran Tensions Fuel Oil Price Surge to Strongest Monthly Gain Since March

Guavy AI Editorial Team
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Oil
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Oil prices closed higher on Thursday, marking the strongest monthly gain since March as tensions between the US and Iran increased global crude supply concerns.

Brent crude futures rose $1.09 to settle at $90.12 a barrel, while US West Texas Intermediate (WTI) crude futures gained $1.08 to close at $84.67 a barrel.

The monthly gains for both benchmarks were the largest since March, with Brent crude advancing 24 percent and WTI climbing 21 percent as traders priced in mounting geopolitical risks.

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