Oil Prices Surge Amid Escalating US-Iran Tensions

Oil prices continued to rise on Tuesday as tensions in the Middle East escalated. The price of Brent crude futures rose by $0.34, or 0.35%, to $97.34 a barrel, while US West Texas Intermediate (WTI) crude stood at $92.63 a barrel, up $1.15, or 1.26%.

The increase in oil prices comes after Iran warned that energy infrastructure across the Gulf region is at risk, including US interests linked to oil and gas. This warning follows a series of retaliatory strikes by the US Central Command against Iranian oil tankers on Saturday.

Daniel Hynes, an analyst at ANZ, said in a note that the latest escalation in the Middle East conflict has increased the likelihood of a prolonged confrontation involving measured military actions by the United States and Iran. This could result in continued restrictions on supplies from the Gulf throughout the remainder of 2026.