Oil Prices Surge Amid U.S.-Iran Conflict

Crude oil prices surged following intense U.S. and Israeli airstrikes on Iran. West Texas Intermediate crude rose by $2.90 per barrel as the conflict disrupts Gulf oil supplies. This volatility follows a significant price drop, amid discussions of emergency oil stock releases and military interventions in strategic waterways.

Crude oil prices regained some ground on Wednesday, with U.S. West Texas Intermediate (WTI) rising $2.90 per barrel to hit $86.33. The uptick follows restricted supply due to ongoing conflict involving the U.S. and Israel against Iran.

Brent futures trading began amid market fluctuations caused by Tuesday's steepest drop since 2022, as President Donald Trump predicted a rapid resolution to the hostilities. The U.S. military intensified efforts with airstrikes and marine interventions near the Strait of Hormuz.

Ahead of G7 discussions hosted by French President Emmanuel Macron, emergency oil stock releases are under consideration. Analysts report that continued disruption could push oil prices to $150 per barrel, amid falling U.S. crude, gasoline, and distillate stocks.

(With inputs from agencies.)