Oil prices rise after US Iran clashes

Oil prices rose significantly amid escalating tensions between the United States and Iran, following mutual attacks on ships in the Strait of Hormuz and other areas. This has led to a decline in oil flows through the strait, which previously accounted for one-fifth of global supplies before the conflict. The price of Brent crude increased to $96.80 per barrel, up by 0.54%, while West Texas Intermediate rose to $92.14, up by 0.72%. Last week, prices experienced substantial increases, with Brent crude climbing by 7.8% and the U.S. benchmark nearly 10%, driven by concerns over a prolonged disruption in regional oil supplies.

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