Tensions with Iran Send Oil Futures Soaring to New Highs

Oil futures surged to fresh August highs on Tuesday as tensions between the US and Iran rose, casting doubt on a near-term agreement to restore access to the Strait of Hormuz.

The disagreement led to an increase in crude oil prices, with market analysts attributing this rise to the perceived lack of progress in resolving the dispute.

Commercial traffic through the Strait of Hormuz remains at a standstill following reports of an incident in the Gulf of Oman.