Commodities
US-Iran Tensions Drive Crude Oil Prices Towards $100
Crude oil prices surged on Tuesday after reports of renewed US military action against Iran sparked fears of a wider conflict and disruption to Gulf energy supplies.
The WTI crude price climbed to around $90 per barrel, while Brent crude briefly touched the $94 level as traders rapidly priced in a higher geopolitical risk premium.
Iran's parliament speaker, Mohammad Baqer Qalibaf, warned that if Iran cannot export its own oil, other Gulf producers could face restrictions as well, which could dramatically increase the risk premium across crude markets.
However, there remains a potential diplomatic pathway, with Iranian President Masoud Pezeshkian offering to return to commitments under the June ceasefire if Washington does the same.