Oil Prices Soar as US Strikes Against Iran Escalate

Oil prices surged on Tuesday as European gas prices hit a three-year high due to renewed US strikes against Iran and Tehran's threats of retaliation.

The price of West Texas Intermediate (WTI) crude for October delivery rose 5.20% to $90.22 a barrel, breaking above $90 for the first time since late July.

Carsten Fritsch, an analyst at Commerzbank, said: 'Last week's hopes of reopening the Strait of Hormuz to shipping have been dealt a severe blow.'

Edward Rosenberg, an analyst and head of ETFs at Strategy Shares, warned that oil prices will continue to stay elevated and volatile as long as the war with Iran persists.