Brent crude oil prices have exceeded US$92 a barrel, reaching their highest level since June, fueled by escalating tensions in the Middle East. This price surge follows a resurgence of conflict between Iran and the United States, prompting Iran to increase attacks targeting oil tankers it deems “non-compliant” within the strategically vital Strait of Hormuz. The Strait of Hormuz is a critical chokepoint for global oil supply, and disruptions there directly impact prices. These attacks raise concerns about potential supply shortages and further instability in the region. Market analysts predict prices could continue to climb if the situation deteriorates. The increased risk is prompting volatility in energy markets and prompting discussion of possible international responses. The resumption of hostilities between Iran and the US is the primary driver of the current instability.