Oil Prices Soar Amid Escalating US-Iran Conflict
Oil prices surged on Tuesday as tensions in the Middle East escalated following new U.S. strikes against Iran, with Brent crude futures reaching $94.52 a barrel and U.S. West Texas Intermediate futures hitting $90.03 per barrel.
The strikes were carried out by U.S. forces targeting Islamic Revolutionary Guard Corps (IRGC) targets in Iran, which followed recent attempts by the IRGC to attack commercial shipping in the Strait of Hormuz and American service members deployed to the region.
A tanker was struck by three unknown projectiles while transiting the strait on Monday, according to an incident report from the U.K. Maritime Trade Operations Centre, but no casualties were reported.
Iranian President Masoud Pezeshkian told the Shanghai Cooperation Organisation Summit that Tehran would immediately reciprocate if Washington agreed to return to its commitments under the interim deal signed in June.