US-Iran Conflict Sends Oil Prices Soaring Above $90 Per Barrel

Oil prices surged above $90 per barrel as tensions between the United States and Iran escalated around the Strait of Hormuz, boosting shares in major energy companies. Chevron led the charge with a 2% gain, while Exxon Mobil advanced 1.5%. Occidental Petroleum rose 1.8%, and ConocoPhillips added 1.3%. The price increase was largely driven by Brent crude, which climbed more than 2% after US forces struck Iranian missile launchers on Larak Island.

The conflict has raised concerns that further disruptions to oil shipments through the strategic waterway could support energy producers' revenue and earnings expectations. However, investors remain cautious about the potential risks to the sector.