Oil Prices Soar Amid US-Iran Tensions
Oil prices surged on Tuesday as renewed US-Iran fighting intensified fears of supply disruptions. Brent crude jumped by $1.05, or 1.2%, to reach a new high of $91.54 per barrel, while US West Texas Intermediate crude rose $1.27, or 1.5%, to $87.03.
The latest escalation has raised concerns about energy infrastructure across the Gulf region, with analysts warning that Iran could retaliate against US targets and regional energy facilities. This could further disrupt oil supplies and shipping, prompting traders to add a fresh risk premium to crude prices.
The Strait of Hormuz remains severely restricted, with only five visible commodity vessels crossing the waterway on Monday, down from an average of 14 daily. None of these vessels were oil tankers, highlighting the ongoing risks for commercial shipping in this critical trade route.