Fresh Middle East Tensions Shake Markets: Oil Prices Jump One-Week High As Iran-US War Escalates Amid Stalled Peace Talks

Both global benchmarks climbed over 1 per cent to hit one-week highs. Brent crude futures rose to $97.05 a barrel, while US West Texas Intermediate (WTI) settled at $94.77. The price jump follows a fresh flare-up in the Middle East, where Iran fired ballistic missiles at Kuwait and Bahrain. The US military retaliated with strikes on Iran's Qeshm Island.