Iran's Aggression Sends Oil Prices Soaring to Three-Week High

Oil prices reached their highest level in three weeks on Tuesday as hopes for a US-Iran peace agreement faded.

Iran announced it would adopt an offensive stance and keep the Strait of Hormuz closed, prompting oil to surge. The United States ruled out extending a ceasefire, further fueling the price hike.

Brent crude futures finished up 15 cents, or 0.17%, at $91.02 a barrel, while US West Texas Intermediate crude futures closed up 44 cents, or 0.52%, at $84.94 a barrel. Both contracts reached their highest since July 24.

Darrell Fletcher, managing director of Commodities at Bannockburn Capital Markets, attributed the muted market movement to the abundance of noise surrounding no real results in recent months.