US-Iran Tensions Send Oil Prices Soaring to Four-Week High

Oil prices surged on Tuesday to their highest in four weeks as tensions between the US and Iran escalated.

The Brent crude futures rose to $86.04 per barrel, while U.S. West Texas Intermediate crude increased to $80.35 a barrel.

The Strait of Hormuz, a critical waterway for global energy trade, has seen disruptions due to hostilities between the US and Iran.

According to Citi, the possibility of the Iranian regime walking away from the memorandum of understanding until after the U.S. mid-term elections has risen, which could lead to higher oil prices.