US-Iran War Drives Oil Prices Above $108 Per Barrel

The US-Iran war has entered its seventh month, driving oil prices up as concerns over prolonged disruptions to global energy supplies intensify.

Brent crude surged above $108 per barrel on Thursday, marking a 7.5% increase and hitting levels not seen since May.

This sharp gain erased steep losses recorded earlier this year, with rising geopolitical risks reversing the decline seen in oil markets during early summer trading.

US benchmark West Texas Intermediate (WTI) jumped 8% to $103.70 per barrel, recovering losses registered in June and July.