Commodities
Oil Prices Soar to Five-Week High Amid Middle East Tensions
Oil prices surged on Tuesday as Brent crude futures rose $4.16, or 4.6%, to settle at $94.65 a barrel, marking a five-week high.
The jump in oil prices was driven by fears of supply disruptions from the Middle East due to renewed fighting between the US and Iran.
US West Texas Intermediate (WTI) crude rose $4.46, or 5.2%, to settle at $90.22, its highest close since July 23.
The increase in oil prices has significant implications for global markets as it can impact inflation rates and economic growth.