Commodities
Oil Prices Surge Amid US-Iran Tensions
Oil prices have risen again in the global market due to escalating tensions between the United States and Iran. The ongoing conflict has led to increased uncertainty in the oil market, causing Brent crude futures to rise by 62 cents, or 0.7 percent, to $84.39 per barrel on Tuesday.
The international benchmark had previously fallen by 7 percent, hitting its lowest level in three weeks before recovering somewhat. Meanwhile, US West Texas Intermediate (WTI) crude prices also rose, gaining 61 cents, or 0.7 percent, to $80.95 per barrel.
It is worth noting that the diminishing prospects for a swift diplomatic solution between the United States and Iran are impacting the market, reducing hopes for an immediate resolution to the conflict.