US-Iran Conflict Sends Oil Prices Soaring

Oil prices rose for the second consecutive day on Tuesday due to concerns over potential supply disruptions from the Middle East caused by the US-Iran conflict.

The Brent crude futures were up $1.65, or 1.57%, at $107 a barrel, while US West Texas Intermediate crude rose $1.29, or 1.40%, to $94 a barrel.

US and Iranian officials held separate talks with mediators in an attempt to end the seven-month war, which has put the Strait of Hormuz under close watch.

The crucial shipping route handles oil and gas supplies, and disruptions there have shaken energy markets.