Oil prices climb with Iran strikes

Oil prices have risen significantly at the start of trading amid escalating tensions between the United States and Iran, following a series of nighttime strikes in the Strait of Hormuz. This has heightened concerns over potential disruptions to oil supplies. Brent crude increased by 75 cents to reach $95.40 per barrel, while West Texas Intermediate rose to $90.66. The market has taken an upward trend after Washington launched strikes on Iran and Iran vowed a decisive response, amid reports of two oil tankers being hit by projectiles. The escalation coincided with a reduction of 2.6 million barrels in U.S. oil inventories, reflecting increasing risks to oil flows through the Strait of Hormuz. The price remains dependent on battlefield developments and negotiations between the conflicting parties.

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