Oil Prices Surge as U.S. and Iran Exchange Strikes

Global oil prices surged following a resumption of military operations in the Middle East. The price of Azerbaijan's Azeri Light crude rose to $101.96 per barrel at Italy's Augusta port and $99.21 per barrel at Türkiye's Ceyhan port, while Dated Brent crude reached $98.49 per barrel.

Donald Trump authorized new U.S. military strikes against Iranian targets located near the Strait of Hormuz. Iran responded to these operations by launching drones and missiles at U.S. bases. Despite the escalation, oil tankers continue to transport an average of 8 million barrels daily through the strategic waterway.

Market volatility is further compounded by a 4.5 million barrel drop in U.S. crude oil inventories last week, the first such decline since late July.