Oil Prices Jump on Renewed Middle East Supply Disruption Fears
Oil prices rose on Tuesday due to renewed fears of supply disruptions in the Middle East following the resumption of fighting between the US and Iran.
Brent crude futures gained 56 cents, or 0.6%, to $91.05 a barrel, while U.S. West Texas Intermediate crude was up 83 cents, or 1%, to $86.59.
The tensions were sparked by US President Donald Trump's threat of further strikes against Iran following the first exchange of direct attacks between the countries in a month on Sunday.
'These bring the potential for Iranian retaliation back into the equation,' said Tim Waterer, chief market analyst at KCM. 'That in turn raises the prospect of damage to energy infrastructure around the Gulf and adds fresh uncertainty for shipping through the Strait of Hormuz.'