Iran-US Tensions Send Oil Prices Soaring to Multi-Week Highs

Oil prices surged to multi-week highs on Tuesday as tensions between the US and Iran escalated.

Brent crude futures rose by $1.25, or 1.3%, to $98.25 a barrel, while U.S. West Texas Intermediate crude increased by $2.22, or 2.4%, to $93.70 a barrel.

Suvro Sarkar, head of energy research at DBS Bank, stated that the recent uptick in hostilities has the potential to 'materially change markets' reading of oil price related risks not only for the rest of this year but well into 2027.'

The Iranian government threatened the US with economic warfare and announced it had fired an advanced missile at U.S. warships, while Iran-backed Houthis struck several Saudi cities, wounding 73 people.