Oil Prices Climb on Iran Strikes

Oil prices have risen significantly following escalating tensions in the Gulf region, after exchanges of strikes between the United States and Iran, and increased risks to oil supplies through the Strait of Hormuz. Brent futures increased by 0.8% to $95.40 per barrel, while West Texas Intermediate futures rose by 0.5% to $90.66, after gains exceeding four dollars in the previous session. The escalation leads to ongoing tensions and threats to navigation security, with US inventories declining and market expectations favoring long-term high oil prices due to the repercussions of the crisis.

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