Oil prices rise as U.S. and Iran tensions escalate
The rise in oil prices came as a result of escalating tensions between the United States and Iran, with Washington increasing its airstrikes on Iranian targets in the region, targeting military sites and missile defenses. In response, Iran launched rockets and armed drones at American bases. Additionally, Iran's allies, the Houthi movement in Yemen, issued warnings of preparing to close the Bab el-Mandeb Strait in the Red Sea, a provocative move that could impact global oil supplies and add pressure to maritime trade routes, especially amid the deteriorating navigation conditions in the Strait of Hormuz. Oil prices surged significantly, with Brent reaching $85.28 per barrel and West Texas Intermediate at $79.98, marking weekly gains of approximately 12%, amid warnings that ongoing tensions threaten the security of global oil supplies.
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