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Commodities

Middle East Tensions Fuel Oil Price Surge

Guavy AI Editorial Team
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Oil
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Oil prices saw a significant increase on Tuesday as tensions in the Middle East escalated between the United States and Iran, raising concerns about supply disruptions from the region.

Brent crude oil futures rose by $1.65, or 1.82%, to $92.14 per barrel by 12:01 GMT (15:01 Kyiv time), while West Texas Intermediate crude rose by $2.16, or 2.52%, to $87.92.

The price increase recouped most of the losses incurred over the past week amid the renewed escalation of the conflict in the Middle East.

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