Oil Prices Soar Amid Renewed US-Iran Tensions

The price of oil surged on Tuesday due to renewed tensions between the US and Iran. The Brent crude benchmark rose by 5.38% to $95.36 per barrel, while US West Texas Intermediate (WTI) increased by 5.95% to $90.86 a barrel.

The prices are the highest since July 24 for Brent and July 23 for WTI. The price surge is attributed to traders' concerns over further supply disruptions from the Middle East following the US-Iran conflict.

US President Donald Trump threatened further strikes against Iran after a recent exchange of direct attacks, which had shifted the conflict into an economic standoff. Trump said new US economic sanctions on Iran were having a big impact and that all Iranian missiles downed by US air defences posed no damage.