Oil Prices Climb as US Actions in Iran Shake Global Markets

Crude oil prices have once again risen in the global market, largely due to the new US attack on Iran and the uncertainty in the Middle East.

As reported by a foreign news agency, global investors are increasingly anxious for following fresh US actions in Iran driving oil prices up again and pulling Asian stock markets lower.

Meanwhile, Iranian state media said its forces fired at four ships in the Strait of Hormuz and Kuwait confirmed it activated air defences amid missile and drone threats.

In response to the recent tensions global oil prices climbed Brent crude oil increased by 1.8% to $95.95 per barrel, and US crude (WTI) up 1.7% at $90.17 per barrel.

According to experts that, instability in the Strait of Hormuz threatens global energy markets, as the route carries a large volume of the world’s oil.

Meanwhile, a negative trend was also seen in Asian stock markets. Hong Kong’s Hang Seng Index fell by more than 1.5%, while South Korea, Shanghai and other markets also recorded declines.

Economists have warned that if tensions in the Middle East continue, inflation may increase further, which may force central banks to raise interest rates, which will increase pressure on the global economy.

As per analysts, that inconsistent reports about a possible US-Iran agreement are fueling investor uncertainty and causing ongoing volatility in oil prices.