Commodities
Oil Prices Surge Amid Ongoing Tensions with Iran
Oil prices surged on Tuesday, reaching their highest levels in over a week due to ongoing tensions between the US and Iran. The conflict has been disrupting global oil supplies through the Strait of Hormuz.
US President Donald Trump demanded compensation for damages suffered by the US during the war, which led to the price hike. Brent crude futures climbed 2.19 percent, or $1.92, to $89.64 a barrel, while US West Texas Intermediate (WTI) crude futures gained 2.33 percent, or $1.91, to $84.04 a barrel.
The prices extended gains of more than 5 percent recorded on Monday, with Brent and WTI both increasing significantly.