London, United Kingdom – Web Desk: Oil prices surged to $96 per barrel on Thursday as escalating US-Iran tensions and attacks on commercial shipping in the Red Sea intensified fears over global energy supplies .
Price Rally
Brent crude rose $1.93 (2%) to $96 per barrel, its highest level since June 8. US West Texas Intermediate crude gained $1.44 (1.7%) to $88.27 per barrel .
Factors Driving Prices
Analysts attribute the rally to a new wave of US strikes on Iran and Houthi attacks on oil tankers in the Red Sea, which have heightened concerns over energy shipments through the Strait of Hormuz and Bab el-Mandeb .
Outlook
If tensions persist or oil shipments are further disrupted, prices could climb even higher. Investors remain focused on the Middle East situation, US policy, Iran’s response, and potential supply chain impacts in the coming days .
