Oil prices rise as Middle East conflicts escalate.

As the conflict in the Middle East continues to escalate, Asian oil prices rose in early trading. The prompt month WTI crude oil futures rose 1.6% to $79.41 per barrel. After US President Trump announced a series of attacks lasting several days and implemented a new round of blockade on Iranian trade through the Strait of Hormuz, the US launched strikes against Iran for the third consecutive night. Trump also stated that the US will impose a 20% fee on all goods passing through this crucial waterway. Analysts at ANZ Bank stated in a research report: "This move could trigger further attacks from Iran and poses a risk to the oil supply recovery that began following the peace agreement between the US and Iran last month."