Oil Prices Soar as US-Iran Conflict Escalates

Oil prices surged on Tuesday as tensions in the Middle East escalated following renewed fighting between the United States and Iran. Brent crude futures rose 56 cents to $91.05 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 83 cents to $86.59 a barrel.

U.S. President Donald Trump's threat of further attacks on Iran added to concerns over potential disruptions to oil supplies from the region. Shipping data showed that the number of commercial cargo vessels passing through the Strait of Hormuz had fallen to five per day, raising fears of damage to energy infrastructure and shipping uncertainty.

The conflict has already disrupted oil supplies, with the waterway carrying around one-fifth of global oil supplies before the war began in late February. Efforts by mediators to reach an agreement to reopen the Strait of Hormuz have made no progress so far.