US-Iran Tensions Ignite Global Oil Market: Prices Surge to Multi-Week Highs

• Oil prices experience biggest surge since October 2025 due to escalating US-Iran conflict concerns.
• WTI crude hits $65/barrel, Brent crude closes above $70 for the first time in over two weeks.
• Speculation of potential US military action against Iran drives market instability.
• War could disrupt nearly one-third of global oil production, impacting supply.
• Ongoing diplomatic talks have not yielded concrete results, with further price fluctuations expected.