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Oil prices climb after US-Iran clashes
The continuation of the war between the United States and Iran has led to an escalation in military actions, resulting in a significant rise in oil prices. Brent crude oil prices settled higher by 1%, reaching $95.63 per barrel, while U.S. West Texas Intermediate increased to $91.01, after experiencing fluctuations during the session. The escalation includes U.S. strikes on the southern coast of Iran and an Iranian response targeting American facilities in the region, which has constrained global oil supplies through the Strait of Hormuz—a crucial passage through which approximately 5% of the world's oil consumption passes. Although shipping activity has decreased, with fewer ships traversing the strait, the volume of oil passing through the strait—the largest since the war began—reflects heightened tensions and their impact on international energy markets. Despite these challenges, OPEC+ is expected to maintain its current production policies, as countries seek alternative sources to mitigate rising prices.
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