Commodities
Tensions Between US and Iran Send Oil Prices Soaring
Oil prices surged to new highs on Tuesday as tensions between Washington and Tehran continue to escalate. Brent crude futures rose to $88 a barrel, while US West Texas Intermediate crude climbed to $82.45 a barrel.
The Strait of Hormuz remains closed, with Iran maintaining its position that it will not reopen until the US accepts its conditions, which include lifting the naval blockade and removing sanctions on Iran's oil industry.
Financial analyst Tony Sycamore warned that 'we are now in a three-way confrontation, a battle to see who will back down first.' He predicted that oil prices could fluctuate between $75 and $95 as the standoff continues.