Oil Prices Soar 29% as Iran Conflict Threatens Middle East Supply

Oil prices are in the midst of a historic oil price rally, with both WTI and Brent soaring by close to 30% on the back of a major escalation in the Iran conflict, with energy infrastructure around the region being targeted. At the time of writing, WTI crude was trading at $117.50, up 29.21%, while Brent crude had risen to $117.60, up 26.90%. Attacks on energy infrastructure and military targets across the region are heightening fears that oil flows from the Middle East could be disrupted for weeks. Israel struck major fuel storage facilities…