Oil Prices Surge on US-Iran Tensions Threatening Strait of Hormuz

Oil prices surged to one-week highs on Wednesday as renewed fighting between the United States and Iran reignited fears of supply disruptions in the Middle East and further threatened shipping through the Strait of Hormuz. The escalation followed a direct exchange of attacks over the weekend, marking the first such military clash between the two nations in a month. Brent crude futures rose to $92.04 a barrel, while U.S. West Texas Intermediate climbed to $87.60, extending gains from the previous session. The rally began Monday after U.S. forces struck two rocket launchers on Iran's Larak Island in the Strait of Hormuz on Sunday, August 30.