US-Iran Tensions Push Oil Prices to Seven-Month High

Oil prices rose for the third session in a row on Tuesday as hopes for a US-Iran peace deal faded, increasing concerns about energy supply. Iran announced it would adopt a more aggressive military posture after efforts to end the conflict stalled.

Brent crude futures climbed 89 cents to $91.76 per barrel, their highest since July 30, while US West Texas Intermediate crude futures rose $1.05 to $85.55 per barrel, also at their highest since July 31.

The resumption of oil tanker traffic through the strategic Strait of Hormuz remains uncertain, with shipping numbers remaining low despite a slight increase from the weekend.