Oil prices surge over 5% following mutual attacks between the U.S. and Iran

Oil prices surged by more than 5% today, Wednesday, amid escalating military tensions between the United States and Iran and the tightening of U.S. sanctions on Iranian oil exports. This has raised fears over the security of oil supplies in the Middle East. Brent crude rose by $3.9 to reach $78.1 per barrel, while U.S. West Texas Intermediate increased by $3.5 to $74.15 per barrel. This came after the United States revoked a license allowing the sale of Iranian oil, coinciding with attacks on oil tankers in the Strait of Hormuz, which heightened geopolitical tensions and their impact on global oil markets.

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