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Iran and US tensions boost oil prices
Oil prices have risen significantly following escalating tensions between the United States and Iran over attacks on oil tankers and clashes in the Strait of Hormuz. Brent crude increased by 0.80%, reaching $97.05 per barrel, while West Texas Intermediate rose by 0.86% to $92.27. The outlook suggests supply restrictions will continue until the end of 2026 or early 2027 due to military escalation and disruptions to shipping traffic through the Strait of Hormuz. The OPEC+ oil coalition maintained their current production policy for October amid fears of ongoing supply disruptions and expectations of prolonged restrictions. This situation threatens global energy prices and impacts oil flows from the region.
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