Oil rises over 5% on US-Iran tensions

Oil prices rose by more than $4 per barrel, reaching their highest level in five weeks, due to renewed fighting between the United States and Iran and fears of oil supply disruptions in the Middle East. Brent crude jumped to $94.65, while West Texas Intermediate reached $90.22, amidst exchanges of military strikes between the two sides and targeting Iranian interests and oil tankers in the Strait of Hormuz. Notably, the oil market anticipates a decline in U.S. inventories by 0.8 million barrels during the last week of August, marking the first decrease in five weeks. This reflects the impact of the military escalation on global oil supplies.

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