Commodities
US-Iran Stalemate Sends Oil Prices Soaring
Oil prices surged on Tuesday after negotiations between the US and Iran over a peace deal hit an impasse, causing tensions in the Gulf region to escalate.
Brent crude futures rose to $88.09 per barrel, while U.S. crude futures reached $82.52, both hitting their highest levels since July 31.
Market analyst Tony Sycamore said that the situation was 'a Mexican standoff' and would likely become a 'war of attrition,' predicting oil prices to remain in the $75 to $95 range while waiting for one side to blink first.