Oil Prices Surge as US-Iran Tensions Escalate

Crude oil prices rose on Tuesday as tensions between the US and Iran escalated, heightening concerns over potential supply disruptions from the Middle East.

Brent crude futures climbed 56 cents, or 0.6%, to $91.05 a barrel, while US West Texas Intermediate (WTI) crude gained 83 cents, or 1%, to $86.59 a barrel.

The gains followed a strong performance in the previous session, when Brent settled 2.7% higher after touching its highest level since August 25. WTI also advanced 2.8% and briefly hit its highest level since August 21.

US President Donald Trump warned of additional strikes against Iran on Monday, adding to the tensions in the conflict, which had recently evolved into an economic standoff.