Commodities
US Strike Sends Oil Prices Soaring Amid Persian Gulf Tensions
Oil prices have surged by over 1% following a US military strike on two Iranian rocket launchers located on Larak Island, a key strategic point in the Persian Gulf.
The recent military action has sparked concerns over potential disruptions in oil supply through the Strait of Hormuz, a crucial corridor for global oil shipments.
Market participants are now weighing the implications for future oil prices as Brent crude is around $89.77 per barrel and West Texas Intermediate (WTI) at $83.40 per barrel.