Oil prices climb amid U.S.-Iran tensions disrupting Middle East shipping
Business
Oil prices are climbing again thanks to renewed tensions between the US and Iran, which have disrupted key shipping routes in the Middle East.
A recent peace deal fell through with no sign of talks restarting, and Trump's warning of "economic warfare" against countries backing Iran is making markets even more nervous.
Brent $93.82 WTI $86.78, $120 risk
Brent crude is now at $93.82 a barrel, while US WTI sits at $86.78.
Brent has risen more than 7% this week and WTI has risen more than 8%, hitting their highest points since July 24, 2026.
Analysts say if these disruptions drag on, we could see Brent jump by $7 to $8 a barrel each month; some even predict it could hit $120 if things get worse.
But if tensions cool off, prices might settle back down later in the year.