US-Iran Tensions Send Oil Prices Soaring Amid Supply Worries

Oil prices surged on August 29 as concerns over supply disruptions grew following overnight strikes between the US and Iran. The Brent crude futures rose by 87 cents, or 0.92%, to reach $95.52 a barrel, while US West Texas Intermediate (WTI) crude futures gained 80 cents, or 0.89%, to hit $91.02 a barrel.

The price increase marked the biggest gain for Brent since July 24 and for WTI since July 23. The developments have reduced hopes that tensions in the Middle East will ease in the near term. US President Donald Trump said his country would replenish its strategic petroleum reserves with Venezuelan oil, adding that the process would begin very soon.