June 12 - Sri Lanka: Increasing international political conflicts in the Middle East have led to a significant increase in worldwide crude oil costs, following news of additional U.S. military attacks on Iran and rising worries about interruptions in global energy distribution.
Crude oil prices, which saw a slight increase during the early part of the week, increased more significantly on June 11, as Brent crude rose to $95.40 per barrel and U.S. WTI crude hit $92.63 per barrel. This recent rise comes after reports that Iran shot down a U.S. Apache attack helicopter, leading to additional U.S. military actions. U.S. President Donald Trump cautioned that Iran would face significant consequences for postponing a peace deal.
Investor worries have grown following Iran's warning to shut down the Strait of Hormuz, an essential maritime passage responsible for about 20% of global oil and natural gas shipments.