US-Iran Tensions and the Risk of Global Economic Crisis
News Context
At a glance
- Global oil prices have risen sharply following a new escalation in tensions between the United States and Iran, with benchmark crude contracts gaining more than 4% in a...
- Announced additional sanctions targeting Iran’s oil export infrastructure and warned of possible naval blockades in the Strait of Hormuz, a critical chokepoint through which approximately 20% of the...
Global oil prices have risen sharply following a new escalation in tensions between the United States and Iran, with benchmark crude contracts gaining more than 4% in a single trading session amid fears of potential supply disruptions from the Middle East.
The increase comes after the U.S. Announced additional sanctions targeting Iran’s oil export infrastructure and warned of possible naval blockades in the Strait of Hormuz, a critical chokepoint through which approximately 20% of the world’s seaborne oil passes. Traders reacted swiftly, pushing Brent crude above $92 per barrel and West Texas Intermediate (WTI) near $89, levels not seen since late 2024.