Geopolitical Tensions Between US and Iran Impact Oil Markets

Oil prices saw an increase on Wednesday amid escalating military actions and geopolitical tensions between Washington and Tehran. This development followed President Donald Trump's decision to reimpose a comprehensive naval blockade on Iranian ports, and Iran's subsequent response with attacks on critical US infrastructure in the region. Brent crude closed at its highest level since June 12, while West Texas Intermediate (WTI) reached its peak since June 15, both continuing their ascent in Wednesday morning trading. Brent crude rose by $1.46 (1.72%) to reach $86.19 per barrel by 00:29 GMT. WTI increased by $1.11 (1.4%) to hit $80.40 per barrel.