Brent Crude Price Exceeds $85 Per Barrel Amid Iran Tensions

Global oil prices surged, with Brent crude surpassing the $85 per barrel mark for the first time since mid-June. Data from the ICE London exchange showed that September futures for Brent crude reached $85.64 per barrel, marking a 2.78 percent increase during trading.

The rally in oil prices was also evident in West Texas Intermediate (WTI) crude, where July futures climbed 8.25 percent to $80.42 per barrel. This significant jump in oil values occurred amidst a sharp escalation of geopolitical tensions involving Iran.

Reports indicate that the United States has been conducting attacks on targets within Iran for three consecutive nights. These actions are reportedly in retaliation for Tehran's strikes on three commercial vessels in the Strait of Hormuz. Iran has also launched attacks against U.S. facilities in several Persian Gulf countries.

Adding to the market's volatility, Washington has revoked the license that permitted Tehran to sell oil. The situation intensified as U.S. President Donald Trump formally notified Congress of the commencement of a new war against Iran.