Oil prices have surged to a 14-month high, with Brent crude nearing the critical $85 per barrel mark. The sudden spike is attributed to escalating tensions between the United States and Iran, which have long been a major oil-producing nation. Renewed hostilities, including a reported US Navy encounter with Iranian vessels in the Strait of Hormuz, have heightened concerns about the stability of global oil supplies. As a result, investors are bracing for potential disruptions to oil production, which could have far-reaching consequences for the global economy.
Brent crude nears $85 a barrel amid renewed hostiles between Washington and Tehran.
