Commodities
US-Iran Conflict Drives Oil Prices to One-Week High
Oil prices surged by about 4% on Tuesday, hitting a one-week high as renewed fighting between the US and Iran sparked concerns over potential supply disruptions in the Middle East.
The Brent futures rose $3.44 to $93.93 per barrel at 1:10 p.m. EDT (1710 GMT), while US West Texas Intermediate crude increased by $3.72 to $89.48, marking their highest closes since August 20 and July 23 respectively.
The fresh hostilities between the two nations 'raised concerns about prolonged disruptions to energy flows through the Strait of Hormuz,' according to Saxo Bank analyst Ole Hansen.