US-Iran Tensions Send Oil Prices Soaring to 1.5-Month High

Oil prices surged to a 1.5-month high after renewed tensions between the US and Iran escalated into military strikes on each other's military facilities.

The price of November Brent crude futures rose 4.8% to $94.8/barrel, a gain of 7.8% since Monday and 17% for the month.

The conflict has raised concerns that it could shift from economic pressure to prolonged fighting, with both sides threatening retaliation if there is another attack.

Iran's president called on the US to return to the June interim agreement despite Trump's threats of new strikes.