Oil Price Jumps as US-Iran Tensions Escalate

The global oil price benchmark, Brent crude, rose by 5.38% to $95.36 per barrel on Tuesday.

This increase comes as traders fear further supply disruptions from the Middle East following renewed attacks involving the US and Iran.

The US launched new air strikes on Iranian targets, threatening to reignite a six-month-old conflict that had recently shifted into an economic standoff.

US President Donald Trump said US air defences had downed all Iranian missiles that could have caused damage and that new US economic sanctions on Iran were having a big impact.