Sri Lanka, June 12 -- Escalating geopolitical tensions in the Middle East have triggered a sharp rise in global crude oil prices, amid reports of new US military strikes against Iran and growing concerns over disruptions to global energy supplies.
Oil prices, which had risen modestly earlier this week, surged further on June 11, with Brent crude climbing to US$95.40 per barrel and US WTI crude reaching US$92.63 per barrel. The latest escalation follows Iran's reported downing of a US Apache attack helicopter and subsequent US military action. US President Donald Trump warned that Iran would "pay a heavy price" for delaying a peace agreement.
Market concerns have intensified after Iran threatened to close the Strait of Hormuz, a vital ship...