Oil Prices Surge Amid Iran-US Tensions
Global oil prices rose on Tuesday, with Brent crude surpassing $91 per barrel and reaching its highest level in three weeks. According to Al Jazeera, Brent crude gained 59 cents, or 0.7%, to $91.46 per barrel, while U.S. West Texas Intermediate (WTI) rose 75 cents, or 0.9%, to $85.25 per barrel.
The increase comes amid renewed uncertainty in global oil markets following recent remarks by U.S. President Donald Trump regarding Iran and the failure to extend a ceasefire agreement between the two countries.
The continuing crisis around the Strait of Hormuz and the possibility of escalating tensions between Iran and the United States have also heightened concerns over potential disruptions to global oil supplies, raising the prospect of further price increases.