US-Iran Tensions Send Oil Prices Soaring
Oil prices surged on September 4 amid escalating tensions between the United States and Iran. The price of Brent crude futures rose 54 cents, or 0.6%, to $96.06 a barrel, while U.S. West Texas Intermediate crude gained 80 cents, or 0.9%, to $92.10 a barrel.
The increase in oil prices was driven by concerns over the potential disruption to Middle East supplies. The conflict between the US and Iran has been ongoing since July, with the latest developments including US attacks on Iran this week that killed and wounded dozens of people.
Israeli Defense Minister Israel Katz warned that Israel would 'paralyze' Iran's military and civilian infrastructure, including energy facilities. Meanwhile, ANZ analysts raised their near-term Brent crude forecast to $95 a barrel, citing the potential for further price rises if the conflict escalates.