US-Iran Tensions Send Oil Prices Soaring Amid Inflation Fears

Brent North Sea crude oil prices briefly surpassed $90 per barrel on Tuesday as hopes of a US-Iran agreement to end the war continued to dwindle.

The Brent price surged by more than 2.5% from Monday, reaching $90.02 per barrel in early trading, while the main US contract, West Texas Intermediate (WTI), jumped 2.7% to $84.32 per barrel.

Oil prices extended their strong rally as hopes for a reopening of the Strait of Hormuz faded, raising concerns over inflation and increasing bets on at least one US interest rate hike this year.

Crude has surged more than 10% in the past week, with the United States and Iran appearing no closer to a deal on the crucial waterway despite upbeat comments from the White House earlier in the month.