Oil Prices Surge Over $4 Amid Renewed US-Iran Fighting
Oil prices surged more than $4 a barrel on Tuesday, reaching a five-week high, as traders feared renewed supply disruptions from the Middle East due to fighting between the US and Iran.
Brent futures rose $4.16, or 4.6%, to settle at $94.65 a barrel, while US West Texas Intermediate (WTI) crude increased by $4.46, or 5.2%, to settle at $90.22.
The recent escalation of hostilities was sparked by the US launching new air strikes on Iranian targets, contradicting hopes that an exchange of fire last weekend might not lead to a wider renewal of hostilities.
Tehran remained defiant, warning it would prevent oil from being exported from the Gulf, despite a threat from US President Donald Trump to hit Iran 'hard' in response and a warning from US Treasury Secretary Scott Bessent that Washington was about to impose new sanctions.