Oil prices surge as US-Iran war fuels supply fears

Global oil prices rose sharply on Thursday, with Brent crude hitting $107.40 per barrel, up 6.1%, as intensifying maritime attacks in the Strait of Hormuz and Red Sea heightened fears of further supply disruptions.

Peoples Gazette reports that US crude also climbed 6.2% to $102 per barrel, its highest since May, as the US and Iran continued exchanging strikes and Iran-backed Houthis targeted Saudi Arabia.

President Donald Trump, however, promised a swift return to cheaper energy, claiming prices would “plummet” after the November 3 election and that the war would end shortly after.

S&P Global’s Jim Burkhard countered that the market was “not returning to calm,” describing the situation instead as a “new normal” defined by unresolved conflict and persistent maritime risk.