Commodities
Brent Surges Above $91 as Iran Tensions Escalate
Crude oil prices surged on Tuesday as tensions between the US and Iran reignited fears of prolonged supply disruptions through the Strait of Hormuz.
Brent crude broke above $91 a barrel, its strongest level since July 30, while West Texas Intermediate (WTI) approached $85, putting geopolitical risk back at the center of the oil market.
The latest move followed a deterioration in US-Iran diplomacy, with Iran saying it would adopt a more offensive military posture and Washington ruling out extending the temporary ceasefire.
Supply concerns have a fundamental basis, with the International Energy Agency (IEA) estimating that Gulf oil production remained 8.3 million barrels per day below prewar levels in July.