US-Iran Tensions Send Oil Prices Soaring Amid Gulf Shipping Concerns

Oil prices surged in Asian trading on Tuesday as tensions between the United States and Iran escalated, raising concerns about disruptions to energy supplies and shipping in the Middle East.

Brent crude futures rose by $0.56 or 0.6%, reaching $91.05 per barrel, while US West Texas Intermediate crude increased by $0.83 or 1% to $86.59.

The gains followed a 2.7% rise in Brent the previous session and marked its highest level since August 25, with US crude also reaching its highest since August 21.

Market analyst Tim Waterer stated that recent developments have brought the possibility of an Iranian response back into focus, increasing risks to energy infrastructure in the Gulf region and uncertainty about shipping movements through the Strait of Hormuz.