US-Iran Tensions Send Oil Prices Surging

The escalating tensions between the US and Iran have pushed oil prices higher, with Brent crude futures reaching $95.54 per barrel on Wednesday.

This marks a 4.3% increase from the previous close of $91.57, as international benchmark Brent crude futures for December delivery traded at this new high.

The US-Iran tensions have raised concerns over disruptions to energy flows through the Strait of Hormuz, a critical waterway for global oil trade.

The American Petroleum Institute (API) reported that US commercial crude oil inventories fell by 2.6 million barrels last week, further supporting higher prices as it points to strengthening oil demand or tightening supply.