Commodities
Iran's Threats Fuel Oil Price Surge Amid Mideast Tensions
Oil prices have extended their gains on Tuesday as concerns about a prolonged conflict in the Middle East escalate. Iran has threatened to retaliate against any new US attacks on its assets, heightening worries over supply disruptions.
The Brent crude futures rose by 34 cents, or 0.35%, to $97.34 a barrel at 0000 GMT, while U.S. West Texas Intermediate crude climbed to $92.63 a barrel, up $1.15, or 1.26%.
The tensions in the region are being fueled by tit-for-tat strikes and a lack of progress towards a diplomatic breakthrough. Iran warned on Monday that energy infrastructure across the Gulf, including US oil and gas interests, was vulnerable.