Oil prices rose sharply as Brent crude touched $98.20 per barrel on Wednesday, fueled by rising tensions between the United States and Iran. Recent missile activity in the Gulf region and disrupted shipping routes have intensified concerns about energy supply. Although strategic oil reserves remain untapped for now, the market is reacting to potential risks in the Strait of Hormuz. August contracts have jumped over 2% since early June and more than 5% in just the past week.