Escalating US-Iran Tensions Push Oil Prices Up Significantly

Tensions between the U.S. and Iran have escalated, leading to renewed doubts about the reopening of the Strait of Hormuz and driving oil prices higher. WTI crude jumped 5.2% to $82.2 per barrel, and Brent crude rose 6.71% to $86.96 per barrel, reflecting increased geopolitical risk premiums.