US-Iran Tensions Send Oil Prices Soaring Amid Supply Fears

Oil prices surged on Tuesday as renewed US-Iran tensions stoked fears of supply disruptions in the Middle East.

The Brent crude contract rose more than 2% to $92.66 a barrel, while US West Texas Intermediate crude jumped by 2.89% to $88.24.

The increase came after President Donald Trump threatened further strikes against Iran following the first exchange of direct attacks between the two countries since late July.

'The tit-for-tat missile exchanges between the U.S. and Iran bring validation to those who believe that even if not a 'forever war', this conflict will run and run,' said PVM analyst John Evans.