US-Iran Tensions Send Oil Prices Soaring After Strait of Hormuz Attacks

Oil prices surged more than 2% on Tuesday following attacks on two oil tankers in the Strait of Hormuz, escalating tensions between the United States and Iran.

The Brent crude oil price rose by 2.38% to $92.64 per barrel as of 9:49 a.m. EDT, according to various sources.

The attacks on Monday night targeted the Sidr, a very large crude carrier operated by Saudi Arabia's Bahri shipping company, and the Senegal Prosperity, operated by South Korea's Sinokor Group, in the Strait of Hormuz.

No one has claimed responsibility for the attacks. However, Iran's Islamic Revolutionary Guard Corps (IRGC) has been targeting ships in the waterway since February 28, when the US-Israel-Iran war began.