US Oil Prices Expected Above $85 as Iran Conflict Resumes

Oil prices are expected to climb above $85 per barrel this month as tensions between the US and Iran escalate once again. Reports indicate that both nations are now exploring the imposition of transit fees on vessels using the Strait of Hormuz, a critical passage for global oil shipments.

This development marks a sharp reversal after earlier hopes of de-escalation. The Strait of Hormuz handles about a fifth of the world's oil consumption, and any disruption or added costs there directly impact crude prices. The renewed conflict threatens supply chains and pushes prices upward.

No other details or official statements have been confirmed at this time.