Brent crude rises over 2% amid escalating U.S.-Iran tensions
Oil prices climbed more than 2% as Middle East tensions escalated following renewed military actions between the United States and Iran. The U.S. conducted strikes in response to Iranian attacks on commercial shipping, while Tehran reportedly launched drone and missile attacks against allied nations including Kuwait, Jordan, and Bahrain. Brent crude futures rose above $96 per barrel for November delivery, with West Texas Intermediate also gaining nearly 1.7%. Analysts attribute the volatility to stalled negotiations over reopening the Strait of Hormuz, a critical oil shipping route, as well as ongoing sanctions and conflicting signals from both sides regarding peace talks. President Trump stated he is not seeking immediate diplomacy but appears satisfied with current military control in the region. Edward Rosenberg of Strategy Shares warned that prolonged conflict will keep prices high and unpredictable.
