Iran Threats Send Oil Prices Soaring Amid Gulf Tensions

Oil prices surged on Tuesday as Iran threatened to target Gulf oil and gas infrastructure in retaliation for attacks on its own assets. The warnings sent shockwaves through energy markets, driving shares of major US energy companies higher in premarket trading.

The price of crude oil for November delivery rose 2.3% to $99.19 a barrel by 04:53 ET (08:53 GMT), while the price of Brent climbed 3.3% to $94.49 a barrel. This followed nearly 1% higher on Monday after briefly touching $98 a barrel in the prior session.

US energy companies such as ExxonMobil and Chevron were among those that rose, with ExxonMobil up 1.8%, Chevron gaining 1.5%, and Marathon Petroleum adding 1.6%. Valero Energy and Phillips 66 each rose 1.1%, while ConocoPhillips climbed 1.9%.