Middle East Tensions Fuel WTI Oil Price Surge

West Texas Intermediate (WTI) oil prices have gained ground for the second day in a row, trading around $85.60 per barrel during Asian hours on Tuesday.

The price surge comes as tensions in the Middle East escalate, with US forces targeting Iranian rocket launchers on Larak Island and Tehran striking targets in the UAE and Jordan.

President Donald Trump has warned of potential military action against Kharg Island, Iran's primary oil export hub, further increasing concerns over regional energy flows.

The Strait of Hormuz remains a critical choke point for crude shipments, with a supertanker catching fire after striking two naval mines. Despite these hazards, major Gulf producers continue to ship partial volumes.