Oil Prices Exceed $95 Amid US-Iran Military Escalation

On Wednesday, world oil prices increased significantly, with Brent North Sea crude surpassing $95 per barrel for the first time in nearly six weeks, driven by escalating military actions between the United States and Iran. Crude futures initially gained but later lost some momentum, ultimately rising around three percent.

John Kilduff of Again Capital remarked on the heightened military actions and intense rhetoric surrounding the conflict. US President Donald Trump threatened retaliatory strikes against Iranian infrastructure in response to attacks on shipping in the Strait of Hormuz.

In contrast, Iranian Foreign Minister Abbas Araghchi warned of reciprocal actions against any attacks on Iran's infrastructure. Maritime data indicated that at least nine ships turned back from the Bab al-Mandab strait following a blockade announcement by Houthi rebels.

Despite the surge in oil prices, US equity markets remained largely unaffected, with the S&P 500 losing just 0.1 percent amid various economic concerns, including renewed tariff threats and rising bond yields.