Oil Prices Surge as Middle East Tensions Escalate
Oil prices rose for the third consecutive day on Tuesday, reaching their highest level since July as concerns about prolonged disruptions to energy supplies intensified.
The Brent crude oil futures price climbed 7 cents, or 0.08%, to $90.94 a barrel by 10:31 GMT (13:31 Kyiv time), while U.S. West Texas Intermediate crude futures rose 53 cents, or 0.63%, to $85.03 a barrel.
The increase was largely driven by the deterioration of prospects for a deal to end the war in the Middle East, with Iran announcing it would take a more offensive stance and the United States ruling out extending the ceasefire agreement.
Iran's chief negotiator Mohammad Bagher Ghalibaf stated that Iran will keep the Strait of Hormuz closed until the United States fulfills the terms of the interim agreement signed in June, which President Trump previously called 'over'.