Oil Prices Soar as Renewed US-Iran Tensions Escalate

Oil prices surged on Tuesday after renewed US-Iran tensions escalated, rising by around $1 to over $91 per barrel. Brent crude futures were up 1.2% at $91.54 a barrel, while U.S. West Texas Intermediate crude was up 1.5% to $87.03.

The increase came after US President Donald Trump threatened further strikes against Iran following the first direct attacks between the two countries in a month on Sunday. Analysts warn that this could lead to damage to energy infrastructure around the Gulf and add uncertainty for shipping through the Strait of Hormuz, which carried about a fifth of global oil supplies before the war erupted.

Shipping data from Kpler showed that only five visible commodity vessels transited the Strait of Hormuz on Monday, below the 10-day average of around 14. None of these ships were liquid tankers.