US-Iran Tensions Send Oil Prices Soaring Above $95 per Barrel
Oil prices surged above $95 per barrel on Tuesday as US-Iran tensions stoked supply fears, causing Brent crude to rise by 5.38% and WTI by 5.95%. This marked the highest levels for Brent since July 24 and for WTI since July 23, reflecting growing concerns among traders that an escalation of the conflict could threaten crude production and exports from the Middle East.
The rally followed renewed military exchanges between Washington and Tehran, with the United States launching fresh air strikes on Iranian targets. The attacks raised fears that the six-month-old conflict could escalate further and disrupt oil flows through the Strait of Hormuz, a critical artery for global energy supplies.
US President Donald Trump had threatened further military action against Iran after the two countries exchanged direct attacks for the first time in a month. He also claimed that new American economic sanctions were having a significant impact on Iran.