Middle East Tensions Send Oil Prices Soaring Amid Supply Disruptions

Oil prices surged on Tuesday as tensions in the Middle East continued to escalate. Iran's announcement that it would become 'fully offensive' after fruitless negotiations with the U.S. has raised concerns about energy supply disruptions.

The blockage of oil tanker passage through the strategic Strait of Hormuz is still disrupting energy markets, and diplomatic efforts have shown little promise of resolving the crisis.

Brent crude futures increased by 27 cents to $91.14 a barrel, while U.S. West Texas Intermediate rose by 42 cents to $85.04 a barrel.