Oil Prices Soar as US-Iran Confrontation Threatens Middle East Supply

Oil prices surged on Tuesday morning after renewed US-Iran military exchanges put Middle East supply risk back at the center of the market.

The price of WTI crude oil rose by approximately $1.88, or 2.2%, to trade near $87.64 per barrel on TradingView, while Brent crude increased by about $1.55, or 1.7%, to around $92.04 per barrel.

The main catalyst for the price increase was escalating danger around the Strait of Hormuz, a critical waterway through which nearly 20% of global oil supplies move.

Two Saudi crude tankers were attacked on Monday, and President Donald Trump has threatened additional strikes against Iran. Only about five visible commodity vessels crossed the strait on Monday, down from an average of 14 over the past 10 days.