US-Iran Tensions Send Oil Prices Soaring to Three-Month Highs
Crude oil futures continued their upward trend due to escalating tensions between the US and Iran. The Strait of Hormuz, a critical waterway for oil shipments, is at risk of being affected by potential military strikes.
The market's reaction has been significant, with flagships in the Middle East reaching three-month highs on Wednesday, including the Dubai benchmark surpassing $100/b.