Oil rises over 2% on US-Iran tensions
The article pertains to the repeated military escalation between the United States and Iran, where mutual attacks—including the U.S. strike on Gareth Island and Iran's response targeting American airbases in Jordan—have led to a sharp increase of over 2% in oil prices. Concerns persist about potential disruptions to oil supplies via the Strait of Hormuz, through which about one-fifth of global oil exports pass. Forecasts indicate that the escalation period could lengthen, with a decline in ship movements through the strait and deteriorating ground conditions, which likely will keep oil prices elevated between $85 and $95 per barrel.
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