Brent Crude Hovers Near $94 as US-Iran Conflict Restricts Energy Supply
· World · Times of India, Economic Times
Brent crude hovered near $94 a barrel on Friday as the ongoing US-Iran conflict continued to disrupt global energy supplies. Brent inched to $93.89 per barrel following a 2.4% gain, while US West Texas Intermediate stood at $86.84 per barrel after a 2.3% rise. The price surge follows US President Donald Trump's warning that countries supporting Iran could face retaliation and economic warfare. The conflict, which began on February 28 following US and Israel military strikes, has led to thousands of deaths and a blockade of the Strait of Hormuz. Shipping through the strategic waterway remains severely restricted, with only nine vessels transiting on Wednesday compared to pre-war levels where one-fifth of global consumption passed through. Meanwhile, the UAE suspended all financial and economic transactions with Iran until further notice.
Why it matters
Sustained oil prices above $90 a barrel threaten to inflate energy import bills and stoke inflation across net-importing economies.
Read the original report — Times of India
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