Oil prices jump 2% as US-Iran tensions escalate in Middle East

Oil prices increased by 2% as tensions between the US and Iran escalated in the Middle East. Crude oil is projected to reach new all-time highs by September 30 and December 31. This surge occurred during early trading after weekend attacks, adding further pressure to Asian markets, which were already unsettled by a slump in chip stocks. The market reaction reflects growing instability and geopolitical risks affecting global energy prices and broader financial sectors.