US-Iran Tensions Send Oil Prices Soaring Again

Oil prices surged over 2% on Tuesday as tensions between the United States and Iran escalated, reviving fears of supply disruptions from the oil-producing region.

Brent crude futures rose by $2.17, or 2.4%, to $92.66 a barrel, while U.S. West Texas Intermediate crude increased by $2.48, or 2.89%, to $88.24.

The recent fighting between the two countries has raised concerns about prolonged disruptions to energy flows through the Strait of Hormuz, which carries about a fifth of global oil and LNG supplies.

U.S. President Donald Trump threatened further strikes against Iran on Monday after the first exchange of direct attacks between the countries since late July, escalating tensions in the conflict.