Global Crude Prices jump to $95 per barrel as US–Iran conflict escalates
Global crude oil prices experienced a sharp increase over the last 24 hours following new military strikes launched by the United States against Iranian targets in the Middle East. Market data shows Brent crude rising to $95.49 per barrel, up 0.54 percent, while West Texas Intermediate (WTI) climbed to $90.71 per barrel, representing a 0.84 percent daily increase. The price surge follows an official statement from United States Central Command (CENTCOM) confirming a wave of targeted strikes against Iranian military infrastructure. According to CENTCOM, the targets included air defense sites, radar installations, maritime facilities, mine-laying assets, and communications hubs. The military action was executed in retaliation for attacks by the Islamic Revolutionary Guard Corps (IRGC) on commercial shipping in the strategic Strait of Hormuz and on U.S. military personnel stationed in the region. The escalation also follows the implementation of a U.S. "tanker-f...