Oil Prices Hold Near $95 as Middle East Tensions Keep Markets on Edge

Oil prices remained elevated as renewed tensions between the United States and Iran increased concerns about potential disruptions to global energy supplies.

Brent crude has traded near $95 per barrel, while U.S. crude has also moved sharply higher. Investors are closely monitoring developments around the Strait of Hormuz, a critical route for global energy shipments.

Higher oil prices are creating additional inflation risks for major economies. This could encourage central banks to maintain tighter monetary policies for longer than previously expected.

For forex traders, sustained strength in crude oil could support the U.S. dollar while increasing pressure on currencies of major oil-importing economies.