Oil Prices Surge Following Military Clashes Between Iran and Israel

Oil prices experienced a sharp increase after Iran and Israel engaged in military exchanges, posing a threat to the ceasefire in the Middle East amid stalled attempts to end the conflict.

Brent crude rose by as much as 5 percent, reaching $97.75 per barrel, while West Texas Intermediate crude increased by approximately 4.6 percent, approaching $95 per barrel, according to data from Bloomberg News.