Oil reaches 1.5-month high amid conflict
Oil prices rose today by more than 1.5%, reaching their highest level in over six weeks, due to escalating tensions between the United States and Iran. Washington carried out new strikes on Iranian sites and targeted two oil tankers in the Red Sea earlier by the Houthis. Additionally, the U.S. military announced that it had conducted attacks against Iran for the 12th consecutive night. Meanwhile, the Iranian Revolutionary Guards confirmed that the Strait of Hormuz is completely closed following an explosion on an oil tanker, raising concerns about global energy supplies. Brent crude futures increased to $96, while West Texas Intermediate rose to $88.27, amid ongoing regional tensions.
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