Oil Prices Surge to $105.21 Amid Iran Conflict

On September 10, Brent crude oil prices rose to approximately $105.21 per barrel, marking a gain of over 4 percent from $100.57 on the previous Wednesday. West Texas Intermediate also increased to about $96 per barrel as markets evaluated the implications of the ongoing conflict involving Iran's Islamic Revolutionary Guard Corps, which has attacked US vessels and oil tankers in the Strait of Hormuz.

This strategic waterway is crucial, carrying about one-fifth of the world's oil supplies, and any disruption poses a significant threat to global energy markets. The UK Maritime Trade Operations agency reported that several merchant vessels in the Northern Arabian Gulf and Gulf of Oman faced disabling fire amid military activities.

Iran has expanded a prohibited zone in the Gulf of Oman and Arabian Sea, warning that vessels entering without coordination could face sanctions. US President Donald Trump stated that oil prices would decline once the US wins the war, asserting that Washington controls the strategic waterway.

The conflict remains unresolved, with expectations of a prolonged confrontation.