Oil prices surge as fears grow US-Iran war will hurt global economy and raise energy prices

Crude oil prices have surged following the military strikes launched by Israel and the US against Iran, marking a significant escalation in Middle East tensions. As of now, Brent crude oil prices range between $72.5 and $72.9 per barrel, while the US WTI benchmark is around $67 per barrel. The conflict raises concerns about potential disruptions to oil supply routes, particularly through the Strait of Hormuz, which could further impact global energy markets.