A U.S. military action against an Iranian island in the Strait of Hormuz has triggered a surge in oil prices, intensifying geopolitical tensions in the region. The attack was met with retaliation from Tehran, continuing a six-month conflict involving the United States and Israel against Iran. Brent crude hovered around $89.75 per barrel, reflecting an elevated geopolitical risk premium. Markets are pricing an increased likelihood of disruptions to Gulf crude flows through the strategic waterway. Analysts warn that further military escalation could push crude oil prices to new all-time highs by year-end.
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