Global oil prices rise as China is drawn into US-Iran conflict
Brent crude oil prices increased by $1.73 per barrel to $87.63 following heightened tensions between the US and Iran. The US recently announced nearly 60 new sanctions related to Iran and threatened secondary sanctions against international allies, including China, for maintaining economic ties with Tehran. This escalation has further destabilized the Strait of Hormuz, impacting global energy markets and shipping security.