Oil hits three-week high amid Iran tensions
Oil prices have risen to their highest levels in over three weeks, with Brent crude reaching around $94 per barrel. This comes amid increasing tensions in the Middle East and warnings from Trump about imposing economic measures on Iran. The situation is compounded by ongoing supply disruptions resulting from the conflict in the region, especially through the Strait of Hormuz, which reduces global oil flow. Additionally, concerns are mounting that escalating tensions could lead to greater disruptions of energy resources. The market is also affected by a decrease in inventories of certain U.S. refining products and a surprising surge in crude oil stocks, reflecting the ongoing state of tension in the global oil market.
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