US-Iran Tensions Spark Oil Price Surge as Global Supply Chains Come Under Threat

Oil prices have continued to rise as tensions between the US and Iran escalate. The latest developments have sparked fears of a broader conflict, leading to increased demand for safe-haven assets.

The US and Iran have been involved in a series of military exchanges over the past few days, with Donald Trump vowing to hit Tehran 'hard'. This has led to concerns that the situation could escalate further, driving up oil prices as investors seek to hedge against potential disruptions to global supply chains.

Oil prices had already been rising due to ongoing tensions in the region and a decline in US oil production. The recent developments have added to these pressures, pushing prices higher.