Commodities
Tensions Soar, Oil Prices Jump as US Considers Strikes Against Iran
Oil prices are surging again on Tuesday after two tankers were hit in the Strait of Hormuz, and reports indicate that the Trump administration is considering renewed strikes against Iran.
The Brent crude benchmark gained 4.42% to reach $92.28 per barrel at 8:30 a.m., while West Texas Intermediate climbed 1.87% to stand at $87.86 at the same time.
The two tankers were struck while attempting to exit the Persian Gulf, according to maritime security consultant Marisks. Iran has stated that vessels must pass through an approved route, and those that don't will be targeted.
The Trump administration is considering striking Iranian forces to prevent them from rebuilding radar and missile capabilities around the waterway, as reported by Axios.