Oil Prices Jump as US-Iran Tensions Escalate

Oil prices surged on Tuesday due to escalating tensions between the US and Iran, fueling concerns over potential disruptions to crude supplies from the Middle East.

The Brent crude futures rose by $0.34 (0.35%) to reach $97.34 a barrel, while US West Texas Intermediate (WTI) crude gained $1.15 (1.26%) to $92.63 a barrel.

Iran's warning of retaliation against further US attacks on its assets came after strikes between the two sides over the weekend, with no diplomatic breakthrough reported.

The Strait of Hormuz remains a focal point for concerns around global oil shipments, as it is a major transit route for crude exports.