US-Iran Tensions Send Oil Prices Soaring Amid Supply Disruption Fears
Oil prices rose on Friday as tensions between the US and Iran escalated, raising concerns about global oil supply. The Strait of Hormuz, a critical shipping route for oil exports, remains at risk due to the broken truce between the two nations.
The US launched multiple air strikes against targets near Iran's southern coast, prompting Tehran to threaten the Red Sea export route. According to sources close to the Iranian government, Houthi allies have been told to prepare to shut down this key oil shipping lane if the US attacks critical infrastructure in Iran.
Brent crude futures climbed 7 cents to $84.30 a barrel, while US West Texas Intermediate futures rose 16 cents to $79.11 a barrel. Analysts note that these price increases are part of a broader trend, with both benchmarks up nearly 12% this week.