Commodities
Iran-US Tensions Spark Oil Price Surge Amid Wider Conflict Fears
Crude oil prices surged on Tuesday after the US military said it was carrying out further strikes on Iran, intensifying tensions between the two countries and raising fears of a wider conflict that could disrupt crude supplies from the Middle East.
The Brent crude futures rose 1.1% to $91.51 a barrel, while U.S. West Texas Intermediate crude gained 1.4% to $86.99.
US President Donald Trump warned that Washington could launch further attacks if Iran retaliated, saying 'If the failed nation of Iran retaliates for this well-justified attack, they will be hit again at a much harder and higher level.'
The Strait of Hormuz has become a particular focus for energy markets, with the narrow waterway carrying a significant share of global oil supplies.