Oil Prices Soar as US-Iran Conflict Escalates Through Hormuz

Oil prices rose sharply on Tuesday as the conflict between the United States and Iran escalated, raising concerns about supply disruptions through the Strait of Hormuz.

The Brent crude price climbed to around $92.04 per barrel, a gain of approximately 1.7% from Monday's settlement of $90.49, while WTI crude rose to $87.64 per barrel, up 2.2% from Monday's official $85.76 settlement.

The main catalyst for the price increase is the heightened tension around the Strait of Hormuz, a critical waterway that accounts for about 20% of global oil supplies.

On Monday, two Saudi crude tankers were attacked while leaving the strait, and President Donald Trump has threatened additional strikes against Iran. The U.S. and Iran exchanged direct military attacks for the first time since late July after American forces struck Iranian launchers on Larak Island.