Commodities
US-Iran Tensions Send Oil Prices Soaring
Oil prices surged on Wednesday after fresh hostilities between the US and Iran sparked concerns about prolonged disruptions to energy flows through the Strait of Hormuz.
The Brent futures price rose $1.55, or 1.7%, to $92.04 a barrel at 10:33 a.m. EDT (1433 GMT), while U.S. West Texas Intermediate (WTI) crude climbed $1.84, or 2.2%, to $87.60.
The price increases put Brent on track for its highest close since August 24 and WTI on track for its highest close since August 20.
Iran's statement that it would reciprocate if the US honored its commitments under a June interim deal on halting their conflict has added to tensions, with U.S. President Donald Trump threatening Tehran with further strikes.