Oil Prices Surge Amid Ongoing US-Iran Tensions

Oil prices surged on Tuesday as tensions between the US and Iran continued to escalate. The November futures contract gained 22 cents, or 0.22%, to $100.57 a barrel at 0021 GMT.

The WTI October contract, which expires on Tuesday, crept up 2 cents, or 0.02%, to $95.8 a barrel.

Tim Waterer, chief market analyst at KCM Trade, said the move higher in oil prices appears to be a short-covering bounce after recent declines rather than a fundamental shift.

Waterer added that prices are likely to remain range-bound and sensitive to headlines until there is clear progress or a setback in diplomatic efforts between the US and Iran.