Oil Prices Rally as U.S.-Iran Tensions Escalate

The price of oil has been driven higher by the latest round of escalations in the Middle East, renewing fears of a drastic global energy shock. Brent crude – the international benchmark for oil prices – jumped over six per cent on Monday morning to over $96. It follows a weekend of tensions where shipping in the Strait of Hormuz has once again ground to a halt following a brief opening on Friday. The regime in Tehran has warned that the new closure will remain in place until the US blockade is lifted. In a Truth Social post on Sunday,…