US-Iran Tensions Send Crude Oil Price Soaring to Six-Week High
The crude oil price surged to a six-week high near $91 per barrel on Wednesday as tensions between the US and Iran escalated. The increase marked the third consecutive session of gains, with Brent at $96.423 per barrel and WTI at $91.772 per barrel.
The rise in prices is attributed to concerns over potential disruptions to energy supplies from the Middle East due to the escalating hostilities between the US and Iran. On Wednesday, the US military launched fresh strikes on Iranian targets near the Strait of Hormuz, with President Donald Trump saying the attacks were in retaliation for Tehran’s alleged attempts to lay mines in the strategic waterway.
Iran has responded by targeting US bases in the region and launching missiles towards Jordan. The country's Supreme Leader Mojatba Khamenei warned that Iran's armed forces had 'unforgettable lessons' in store for the US.