US-Iran Tensions Spark Oil Price Surge

Oil prices continue to surge due to renewed tensions between the United States and Iran. The Strait of Hormuz, a critical oil transport corridor, is once again threatened with disruption.

The price of Brent crude has risen to near $96 per barrel, up about 0.30% on the day and more than 7% on the week. US West Texas Intermediate (WTI) crude is trading at around $92 per barrel, up about 0.60%.

Tensions have escalated after recent US attacks were met with Iranian retaliation against US bases in the region. Iranian forces continue to target ships passing through the Strait of Hormuz, while missiles have been fired towards neighboring countries.