Oil Prices Soar as US-Iran Conflict Escalates Amid Trump's Threats

Oil prices surged to their highest point in over three months after the US-Iran ceasefire expired, and President Trump threatened Oman if it got in the way of his efforts to end the conflict.

Brent crude rose above $90 a barrel for the first time since July 30th, trading at $91.63 on Tuesday morning.

Angeline Ong, senior technical analyst at IG, said Trump's threat could be the moment the oil market shifts from pricing a temporary disruption to a prolonged one.

The UK Maritime Trade Operations agency reported a cargo ship was attacked while traveling through the Strait of Hormuz early on Tuesday, and Iranian officials warned vessels attempting to pass through would 'find several beautiful holes in their hulls.'