Strait of Tensions: Oil Prices Soar Amid Hornet's Nest of Conflict The recent surge in oil prices is no surprise given the brewing storm clouds over the Middle East.
The latest hike can be attributed to a combination of factors, including supply disruptions and escalating tensions between major powers. Futures for Brent crude jumped 1. 25% to $83.
52 a barrel, while US West Texas Intermediate futures for September advanced 1. 10% at $78. 14 per barrel.