Oil reaches six-week peak amid Iran-US tensions

Oil prices rose sharply, reaching their highest levels in six weeks amid growing fears of potential disruptions to oil supplies in the Middle East, especially with escalating tensions between the United States and Iran. Brent crude futures increased by 3.2% to $93.91 per barrel, while West Texas Intermediate rose by 3.13% to $86.96, with indications of a short-term supply decline due to mutual military escalation. This reflects concerns over possible disruptions in key shipping routes such as the Strait of Hormuz and Bab el-Mandeb. The exchange of attacks between the US military and Iran, along with President Trump's statements, has heightened worries about potential disturbances in the global energy market.

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