As oil tops US$97, US-Iran war escalation has markets bracing for supply risks

An overnight escalation in hostilities between the United States and Iran pushed global oil benchmark Brent futures above US$97 a barrel at one point on Wednesday, marking their highest intraday level since early June – though analysts said prices are unlikely to match the peak seen earlier this year. The latest surge followed fresh US air strikes on Iranian targets on Tuesday, prompting retaliatory strikes by Tehran. Iran launched missiles and drones at sites across the region and targeted...