Tensions Between US and Iran Drive Oil Prices Higher

Oil prices rose on Tuesday due to renewed tensions between the US and Iran in the Middle East. The conflict has heightened concerns over potential supply disruptions from the world's major crude-producing region.

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.

US President Donald Trump warned of additional strikes against Iran after the two countries exchanged direct attacks for the first time in a month on Sunday.

The Strait of Hormuz accounted for around one-fifth of global oil supplies before the conflict began in late February, and efforts to broker an agreement for reopening the waterway have so far failed to make progress.