US-Iran Tensions Send Oil Prices Soaring by 4%

Oil prices surged by around 4% to a one-week high on Tuesday, driven by renewed concerns about supply disruptions from the Middle East following fresh US-Iran fighting.

Brent futures rose $3.44 (3.8%) to $93.93 per barrel at 1:10 p.m. EDT (1710 GMT), while U.S. West Texas Intermediate crude jumped $3.72 (4.3%) to $89.48.

The uptick in prices puts Brent on track for its highest close since August 20 and WTI on track for its highest close since July 23.