Oil Prices Soar Amid US-Iran Tensions in Strait of Hormuz

Global oil prices rose sharply on Tuesday, driven by renewed concerns about potential disruptions to crude oil supplies from the Middle East.

The price increase coincided with renewed fighting between the United States and Iran, as well as heightened security risks related to maritime traffic in the strategic Strait of Hormuz.

Brent crude, the international benchmark, rose 56 cents, or 0.6 percent, to $91.05 a barrel. Similarly, West Texas Intermediate (WTI) crude, the US benchmark, climbed 83 cents, or 1 percent, to $86.59 a barrel.

The sharp decline in oil tanker and cargo traffic through the Strait of Hormuz reflects fears of an escalating military conflict's direct impact on energy infrastructure.