Oil Prices Extend Gains on Escalating Middle East Hostilities The recent surge in oil prices may seem like a straightforward consequence of escalating tensions between the US and Iran.
However, a closer examination reveals a complex web of economic and strategic interests at play.
Brent crude has breached $90 a barrel for the first time in over a month, with the Strait of Hormuz once again at the center of the storm. Brent gained 15. 9% last week, while US West Texas Intermediate rose 15.