Escalating Tensions in Oil Markets: A Price to Pay for Hubris? The recent surge in oil prices is just one symptom of a complex and volatile situation brewing in the Persian Gulf.
As tensions between the US and Iran escalate, with both sides trading blows, the world's oil markets are paying the price.
Brent crude futures jumped nearly 4% overnight to break $90 per barrel after President Trump vowed that Iran would "pay for killing an American soldier many times over.