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Commodities

Middle East Tensions Spark New Surge in Oil Prices

Guavy AI Editorial Team
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Oil
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Oil prices have surged in recent days due to escalating tensions in the Middle East and uncertainty surrounding a ceasefire agreement. The US is not considering extending the deal with Iran, which has heightened concerns about energy supply stability.

On Tuesday, Brent crude oil futures rose by 62 cents or 0.7%, reaching $91.49 per barrel. American oil West Texas Intermediate increased by 75 cents, costing $85.25 per barrel.

Tim Waterer, chief market analyst at KCM, said that 'oil prices rose at the beginning of the week as relations between the US and Iran appear increasingly precarious.' He noted that the agreement to restore shipping through the Strait of Hormuz still seems off the table.

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