Oil Prices Surge 2.94% Amid U.S. Strikes in Iran Conflict

Oil prices increased significantly after the U.S. conducted military strikes against Iran. U.S. crude oil futures for July rose 2.94% to $92.68 per barrel, while Brent futures for August delivery gained 2.52% to $95.45 per barrel. The military action was described by U.S. Central Command as a response to Iran's aggression. Rystad Energy indicated that the market is better-equipped to handle disruptions compared to previous crises, yet the potential for oil prices to fluctuate remains due to ongoing geopolitical tensions.