US-Iran Tensions Send Oil Prices Soaring to Multi-Week Highs

Escalating tensions between the US and Iran have sent oil prices soaring to multi-week highs, raising concerns about prolonged conflict and supply disruptions. Brent crude surged to $98.25 a barrel, while WTI reached $93.70. The Strait of Hormuz, a critical shipping route, has seen reduced traffic, with analysts warning that Persian Gulf oil supplies could remain constrained through 2026 and potentially into 2027.

The conflict has already impacted global energy markets, with Brent crude climbing to its highest level in weeks. Analysts attribute the price hike to concerns about supply disruptions and the potential for prolonged conflict. Shipping through the Strait of Hormuz has slowed, exacerbating fears about oil supplies.