US-Iran Tensions Send Oil Prices Soaring
Oil prices surged on Friday as escalating tensions between the United States and Iran raised concerns about global energy supplies. The US-Iran confrontation has disrupted key shipping routes, including the Strait of Hormuz, which remains a vital channel for crude oil exports.
Brent crude traded near $89 a barrel, poised to rise by almost 25% for the month, while West Texas Intermediate (WTI) hovered around $84 a barrel, marking a monthly gain of over 20%. The tensions have reduced expectations of an immediate diplomatic breakthrough and increased concerns about the security of key energy routes.
Despite signs of recovery in crude flows through the Strait of Hormuz, traders remain cautious due to potential supply disruptions in other regions. In the Black Sea, operations at a crucial export terminal vital to Kazakhstan's crude shipments were suspended again following fresh attacks on oil tankers.