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Escalation of Military Tensions Sparks Oil Prices Rise Over 3%

Escalation of Military Tensions Sparks Oil Prices Rise Over 3%

Oil prices rose by more than 3% amid escalating tensions between the United States and Iran, following Washington's announcement of additional military strikes against Iran in response to attacks on commercial ships in the Strait of Hormuz. Brent crude increased by $2.67 to reach $78.68 per barrel, while West Texas Intermediate rose by $2.48 to $73.89, with concerns growing over how the escalation could impact global energy supply security.

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