MONEY
Oil Hits $95 As US-Iran Conflict Escalates
Brent crude jumps 4.6% to a six-week high after eleven nights of US strikes on Iran, spelling bad news for your wallet.
The GuardianBrent crude oil prices hit $95.16 a barrel, climbing 4.6% to a six-week high as the US-Iran conflict escalates. The spike follows eleven consecutive nights of US airstrikes against Iran and President Trump ruling out diplomatic talks.
- Brent crude rose 4.6% to $95.16 a barrel, its highest point in six weeks.
- Oil prices have climbed roughly 20% this month amid ongoing military exchanges.
- Goldman Sachs analysts noted Brent could exceed $120 by Q4 if Strait of Hormuz disruptions continue.
- President Trump stated he is not interested in holding talks with Iran and threatened further strikes.
WHY THIS MATTERSWHY THIS MATTERS: When crude oil surges 20% in a month because politicians refuse to talk, supply chains feel it instantly. Expect higher prices at the pump and rising shipping costs that inevitably trickle down to everything you buy.