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Oil climbs over 2.5% amid US-Iran tensions
Oil prices rose by more than 2.5% following renewed tensions between the United States and Iran. The price of Brent crude reached $98.4 per barrel, while U.S. crude oil hovered around $96. This increase was prompted by attacks carried out by Iranian forces on U.S. military bases in Kuwait and Bahrain in response to assaults on oil tankers and Qeshm Island in the Strait of Hormuz. This escalation comes amidst difficult negotiations between Washington and Tehran to end the ongoing war that has been continuing since February, resulting in thousands of casualties.
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