Crude Oil Prices Surge Amid US-Iran Tensions, Inventory Drop

• Crude oil prices, including Brent and West Texas Intermediate, rose for a second consecutive day.
• Escalating US-Iran tensions, particularly after the US shot down an Iranian drone, fueled the price hike.
• US crude inventories fell by 11.1 million barrels last week, the largest decline since June, further supporting prices.
• Concerns about potential conflict in the Middle East, a major oil source, pushed prices up despite oversupply signs.
• Iranian vessels reportedly harassed a US-flagged oil tanker in the Strait of Hormuz, indicating rising tensions.

Why It Matters: Geopolitical tensions between the US and Iran, coupled with declining US oil inventories, drove crude prices higher.