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Brent Crude Nears $95 as US-Iran Tensions Escalate Again

Guavy AI Editorial Team
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The price of Brent crude oil neared $95 per barrel on Tuesday, rising by 4.6% or $4.16 to $94.65 per barrel.

This increase is attributed to concerns over supply disruptions in the Middle East due to renewed fighting between the US and Iran.

The price of US West Texas Intermediate (WTI) crude also rose, increasing by 5.2% or $4.46 to $90.22 per barrel.

US Treasury Secretary Scott Bessent downplayed the significance of the Strait of Hormuz, stating that oil pipelines will soon bypass it.

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