<2> Oil Prices Surge Amid Escalating Middle East Conflict
<3> Global Oil Markets Reel as Trump Vows to Continue Strikes on Iran
The price of oil has skyrocketed by 13% in a single day, as the ongoing conflict in the Middle East continues to escalate. The situation took a dramatic turn when US President Donald Trump vowed to continue striking Iranian targets, despite growing international pressure to de-escalate the situation.
<4> As tensions between the US and Iran continue to rise, the safety of global oil supplies has become a major concern. The Strait of Hormuz, a critical waterway that connects the Persian Gulf to the Gulf of Oman, has come to a standstill, with multiple oil tankers being attacked or hijacked in recent days.
Bloomberg reports that the price of Brent crude oil has surged to $70 per barrel, while the price of West Texas Intermediate (WTI) crude oil has risen to $65 per barrel.