Oil Prices Soar as US-Iran Standoff Deepens

The ongoing standoff between the US and Iran has sent crude oil prices soaring, with Brent topping $91 per barrel on Tuesday and WTI crossing $85 in early Asian trading. This marks a fourth consecutive session of gains for the market.

The uncertainty surrounding shipping through the Strait of Hormuz remains a major concern, despite President Donald Trump's assertion that the waterway is open. Iran has rejected this claim, linking the reopening of the strait to its demands regarding US sanctions and military pressure.

Regional tensions have increased following reports from the UAE that their air defense systems detected two ballistic missiles launched from Iran towards the country. Iran has denied these claims, adding another layer of uncertainty for investors.