Oil rises on intensifying US-Iran hostilities and threat of Red Sea closure - Reuters

Oil prices are rising due to intensifying US-Iran hostilities and the potential closure of Red Sea oil routes. These tensions threaten critical supply chains, driving crude oil costs upward. Reports indicate that crude oil could reach a new all-time high by December 31, with a projected increase of 12%. The market is reacting to the instability of these maritime routes as geopolitical conflicts between the US and Iran continue to escalate and impact global energy supplies.