Commodities
Oil Prices Soar on Renewed US-Iran Fighting
Oil prices surged more than $4 per barrel on Tuesday as renewed fighting between the US and Iran sparked concerns of supply disruptions in the Middle East.
The Brent futures price rose by $4.16, or 4.6%, to settle at a five-week high of $94.65 per barrel, while the US West Texas Intermediate (WTI) crude price increased by $4.46, or 5.2%, to settle at $90.22.
The sharp jump in oil prices follows new air strikes launched by the US against Iranian targets, which have revived fears of a wider renewal of hostilities between the two nations.
Saxo Bank analyst Ole Hansen said that the fresh hostilities 'raised concerns about prolonged disruptions to energy flows through the Strait of Hormuz.'