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Commodities

US-Iran Tensions Spark Oil Price Spike

Guavy AI Editorial Team
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Oil
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Oil prices surged on Wednesday after the United States launched airstrikes against Iranian targets in the Strait of Hormuz.

The move marked a significant escalation in tensions between the US and Iran, with oil prices rising to their highest level since May amid concerns over supply disruptions.

The price of Brent crude, the global benchmark, jumped 2.4% to $72.37 per barrel, while US West Texas Intermediate (WTI) crude gained 3.1% to $64.45 per barrel.

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