Oil prices increase due to supply concerns

Oil prices rose today amid escalating tensions between the United States and Iran in the Middle East, as concerns grew over potential disruptions to oil supplies through the Strait of Hormuz due to intensified fighting and retaliation attacks between the two sides. Brent crude oil increased by 1.2% to $91.54 per barrel, while West Texas Intermediate rose by 1.5% to $87.03, with ongoing risks of shipments from the region being halted. Additionally, a oil tanker reported being attacked by three projectiles outside the strait, and U.S. oil inventories fell to their lowest levels, reflecting increasing risks to global oil supplies.