Dubai: (Right Now News) Following recent clashes between the US and Iran, global oil prices have surged. Brent crude oil prices increased by 1.2%, reaching $101.26 per barrel.

Investors report that tensions in the Strait of Hormuz are causing market unrest. The price of US West Texas Intermediate (WTI) oil also rose by 0.9%, reaching $95.66 per barrel.

On Friday night, the US and Iran accused each other of attacks in the Strait of Hormuz, escalating regional tensions. The US President stated that a ceasefire is in place, but market uncertainty persists.

Experts warn that rising oil prices pose a threat to the global economy. Investors are awaiting a permanent peace agreement to stabilize the market.

It is noteworthy that the Strait of Hormuz is crucial for global oil supply, with about one-fifth of the world’s oil passing through it. The US-Iran tensions have heightened the significance of this passageway.