Commodities
Oil Prices Spike Amid Fears of Persistent Supply Disruptions
Oil prices rose to a one-week high on Tuesday due to concerns about Middle East supply disruptions.
Brent futures increased by $1.19, or 1.4 percent, to settle at $88.91 a barrel, while US West Texas Intermediate (WTI) crude rose $1.07, or 1.3 percent, to settle at $83.20.
The prices have been boosted by the potential for disruptions in oil supplies due to the ongoing conflict between the US and Iran.
Mohsen Rezaei, the newly appointed secretary of Iran's Supreme National Security Council, stated that the Strait of Hormuz will remain closed as long as the US does not change its behavior and accept Iran’s conditions to end the war.