Commodities
Oil Prices Surge Amid Renewed US-Iran Conflict and Shipping Disruptions
Oil prices rose on Tuesday as the conflict between the US and Iran escalated, sparking fears of supply disruptions in the Middle East.
Brent crude futures increased by $1.18, or 1.3%, to $91.67 a barrel at 0739 GMT, while U.S. West Texas Intermediate crude rose by $1.27, or 1.48%, to $87.03.
PVM analyst John Evans stated that the 'tit-for-tat missile exchanges between the US and Iran bring validation to those who believe that even if not a ‘forever war’, this conflict will run and run.'