Oil Prices Rise 3% as Iran Targets U.S. Airbase Following Strikes

Oil prices increased on Thursday, with Brent crude futures up over 3% to $97.29 per barrel and West Texas Intermediate futures gaining 3.42% to $91.71 per barrel. This uptick follows U.S. strikes in Iran and concerns over potential disruptions in the Strait of Hormuz. Iran's Revolutionary Guards claimed to have targeted a U.S. airbase after these strikes. Citi noted that while oil markets are finding stability, uncertainty over potential supply disruptions is causing central banks to consider tighter monetary policy in response to rising inflation risks connected to higher energy prices.