Iran’s parliament speaker says oil prices will surge more as the war continues

Iran’s parliament speaker said Sunday oil prices will continue to soar, inflicting pain on the global economy as long as the war in the Middle East goes on.

Oil prices have soared since the U.S. and Israel attacked Iran on Feb. 28, reaching its highest levels since 2023.

The price for a barrel of Brent crude jumped 8.5% to $92.69 on Friday — up from nearly $70 a barrel just late last week. Meanwhile, benchmark U.S. crude climbed 12.2%, to $90.90 a barrel on Friday.