Commodities
US-Iran Tensions Fuel Oil Price Surge Amid Strait of Hormuz Concerns
Oil prices continued to rise on Tuesday due to escalating tensions between the US and Iran.
The Brent crude futures increased by 1.4% to $98.5 per barrel, reaching a six-week high.
This surge is attributed to concerns over possible disruptions to oil shipments through the Strait of Hormuz.
Mohsen Rezaei, secretary of Iran's Supreme National Security Council, warned that any vessel entering a new 'restricted' maritime zone outside the strait would be placed on a sanctions list.