US-Iran Tensions Keep Crude Oil Prices Near $85 as Global Energy Supplies Remain at Risk

Crude oil prices remained near $85 per barrel on Tuesday as tensions between the US and Iran continued to keep markets cautious.

The Strait of Hormuz, a critical waterway for global energy supplies, has been at the center of the dispute. The US stepped up economic pressure on Iran by targeting countries that continue business with Tehran under new sanctions announced by Treasury Secretary Scott Bessent.

President Donald Trump warned nations to cut ties with Iran or face unilateral US penalties within a specific deadline.

Risks to Middle East energy supplies remain high, with the UK Navy reporting an oil tanker was struck and disabled near Oman. Houthi militants also claimed to have attacked a Saudi Arabian supertanker in the Red Sea.