Oil Prices Surge Above $95 Amid Escalating US-Iran Conflict Affecting Global Supply
The price of oil has surged past the $95 per barrel mark for the first time in six weeks due to escalating tensions in the Middle East. Renewed aggression between the United States and Iran over the strategic Strait of Hormuz, coupled with threats from Houthi forces to target vessels carrying Saudi oil through the Bab el-Mandeb strait, has disrupted global oil supplies. The benchmark oil price, which had previously peaked at $126 a barrel in April, had decreased to $71 at the start of July. However, recent hostilities have caused prices to rise sharply, reaching $95.24 before settling at $94.40. The conflict has led to significant market disruptions, with the potential for oil prices to reach $120 a barrel by the end of the year if the situation persists. The International Energy Agency (IEA) has noted that while emergency oil releases and alternative export routes have cushioned the impact, the market remains vulnerable. 
