Oil prices extend rally as US and Iran step up mutual attacks

Oil prices have surged by over three percent due to escalating tensions between the US and Iran, with both nations engaging in retaliatory strikes following ship attacks near the Strait of Hormuz. This crisis has reignited fears of supply disruptions in the already volatile Middle East, pushing prices higher. Such conflicts threaten global energy markets, highlighting the delicate balance between geopolitical strife and economic stability. This situation underscores the importance of maintaining peace in key strategic regions to avoid severe economic repercussions.