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Oil prices climb after US-Iran strikes

Oil prices climb after US-Iran strikes

Global oil prices rose slightly by 1% amidst volatile fluctuations, due to escalating military strikes between the United States and Iran. This increased concerns over a potential decline in oil supply flows from the Middle East. Brent crude reached its highest level since July 24 at $95.63 per barrel, while West Texas Intermediate also increased to $91.01, with prices fluctuating between gains and losses during trading. Market support was also fueled by a 4.5 million barrel drop in U.S. oil inventories and growing fears of energy supply disruptions, especially following Russian attacks on Ukrainian facilities, which further put pressure on the global oil market.

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