Oil Prices Soar Above $95 as US-Iran Tensions Escalate

The price of Brent crude oil has surged above $95 per barrel for the third consecutive session as tensions between the US and Iran escalate.

The latest development comes after the US military launched fresh strikes against Iranian targets near the Strait of Hormuz, a key global oil transit route. President Donald Trump said the attacks were in retaliation for Tehran's alleged attempts to lay mines in the waterway and an earlier attack on a US military base.

Iran has responded by targeting US bases in the region and firing missiles towards Jordan, raising concerns over a wider regional escalation. The US Treasury Secretary Scott Bessent said Iran's bankruptcy was in the 'acceleration phase', noting that about 17 million barrels of crude had passed through the Strait of Hormuz on Monday.

The surge in oil prices has added to inflationary pressures, potentially complicating the outlook for central banks weighing interest-rate decisions. The US dollar strengthened against major currencies as higher Treasury yields encouraged investors to seek the relative safety of the greenback.