Oil prices increased by 2% due to concerns about tensions between the US and Iran.

Oil prices surged, with Brent crude climbing above $70 per barrel, as concerns over the escalating US-Iran situation kept traders on edge. The international oil price benchmark rose 2.2% to $70.29 per barrel, while the US oil benchmark West Texas Intermediate rose 2% to $64.67 per barrel. According to US officials, the Trump administration had considered seizing more tankers involved in transporting Iranian oil - as they did in Venezuela - but has temporarily halted action due to concerns of retaliation from Tehran and its impact on the global market. Analysts at Dutch bank ING stated, "Taking similar action against Iran would escalate tensions and could lead to markets reflecting a higher risk premium than current levels."