Commodities
US-Iran Tensions Send Oil Prices Soaring
Oil prices have continued to rise as tensions between the US and Iran escalate. The Brent crude futures price hit a six-week high at $98.5 per barrel, an increase of 1.4% from earlier in the day.
The West Texas Intermediate (WTI) crude futures price also rose by 1.4%, reaching $94 per barrel. These increases come as concerns grow over possible disruptions to oil shipments through the Strait of Hormuz due to ongoing tensions between the two countries.
Tuesday saw further escalations, with Yemen's Houthi group attacking cities and economic infrastructure in southern Saudi Arabia, causing deaths according to the Saudi-led military coalition. Fires also broke out at energy facilities in the region after being targeted by attacks.