Oil prices rise 3.5% amid US-Iran tensions

Oil prices rose by over 3.5% after the United States launched an attack on Iran's Larak Island in the Strait of Hormuz. Tehran responded by bombing bases in the area. Brent futures increased by 3.58% to $91.25 per barrel, while West Texas Intermediate (WTI) rose by 3.55% to $86.36. This escalation came after talks to end the war between the US and Iran deteriorated, with a significant decline in tanker movements through the strait, and Washington imposing secondary sanctions on Iran to increase pressure on energy flows. Despite the rise, the market is expected to see a slight decrease in oil prices by the end of August.

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