US-Iran Tensions Spark Oil Price Surge Amid Escalating Conflict

Natural gas and oil prices surged due to escalating tensions between the US and Iran. The Iranian government claimed that an attack on US forces in Jordan was a response to 'aggressive U.S. actions', but did not provide further details. US President Trump vowed that the US would retaliate, stating they will be 'hitting them hard'.

The brief pause in military action between the two nations was short-lived, and traders quickly bought up oil as a result of the increased tensions. This led to a 7% increase in WTI oil prices.

A proposed mutual control plan by Oman over the Strait of Hormuz, a key oil supply route, was rejected by Iran. The rejection highlights the risks for navigation in the Strait of Hormuz in the near term.