Oil Prices Spike Amid Escalating US-Iran Conflict
Oil prices rose approximately 2% on Tuesday as tensions escalated in the Middle East between the United States and Iran.
Brent crude oil futures increased by $1.65, or 1.82%, to $92.14 per barrel, while U.S. West Texas Intermediate crude rose by $2.16, or 2.52%, to $87.92 by 12:01 GMT (15:01 Kyiv time).
The increase recouped most of the losses incurred last week due to renewed hostilities in the region.
US President Donald Trump threatened further strikes on Iran after the first direct attacks between the countries since late July, increasing tensions in a conflict that has turned into an economic confrontation.
PVM analyst John Evans stated, 'The exchange of 'tit-for-tat' missile strikes between the U.S. and Iran confirms the view of those who believe that even if this is not an 'eternal war,' this conflict will continue and continue.'