Oil Prices Soar Amid Escalating Middle East Tensions

Crude oil futures surged to nearly $90.5 per barrel on Tuesday, the highest since late July, in response to escalating tensions in the Middle East.

The US military launched new strikes against Iranian targets near the Strait of Hormuz following attacks on two oil tankers in the critical shipping route.

US President Donald Trump threatened a significantly larger response if Tehran retaliates.

A senior Iranian military source warned that bases across the region could quickly come under Iranian fire, saying Tehran's response would be 'many times greater' than expected.

The escalation threatens to prolong the conflict and further disrupt crude exports from the region.