Oil up over 2% on supply worries

Oil prices rose by more than 2%, amid renewed market concerns about the threat to global oil supplies due to the resumption of military operations between the United States and Iran, as the conflict enters its sixth month. As tensions escalated, Brent crude surged to $90.27 per barrel, the highest level since late August. This came after Iran launched missiles at two American bases in Jordan in response to an American attack on the Iranian Larak Island. Despite the price increase, tensions related to oil supplies from the Gulf persisted, with a decline in the number of ships passing through the Strait of Hormuz, and some companies reaching agreements with Venezuela to refill the U.S. strategic reserve, which is approaching its lowest levels in 44 years amid ongoing U.S. sanctions on Iran.

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