Oil Prices Surge 3.75% to $97.83 Amid US-Iran Tensions

Oil prices increased significantly following US attacks on Iran, with global benchmark Brent rising by 3.75% to $97.83 per barrel and US-traded crude climbing 4% to $92.22. The US Central Command reported the downing of four Iranian drones and confirmed strikes on military sites in Iran, citing self-defense measures. These events come as tensions between Tehran and Washington escalate, despite ongoing ceasefire talks regarding the critical Strait of Hormuz, which facilitates a fifth of the world's oil supply. The actions have contributed to volatility in energy prices, highlighting the ongoing uncertainty in the region.