Oil Prices Soar on Renewed Tensions in the Gulf
Oil prices climbed to their highest point this month as tensions in the Gulf escalated. The price of Brent crude rose near $92 per barrel on Tuesday, amid renewed concerns about conflict in the region.
The surge came after the United Arab Emirates issued a missile alert, saying its air-defense systems had detected a threat directed towards the country. Two missiles launched from Iran's direction fell into the sea, but the incident highlighted ongoing fears of escalation.
US President Donald Trump again lashed out at Iran on Tuesday, claiming there were no talks or conversations scheduled with Tehran. He also reiterated his stance that the US would remain committed to enforcing a naval blockade and removing water mines from the Strait of Hormuz.