US-Iran Tensions Spark Oil Price Surge Amid Supply Disruption Fears
Oil prices surged on Tuesday due to renewed tensions between the US and Iran in the Middle East. The conflict has raised concerns about supply disruptions from the region's key crude-producing countries.
Brent crude futures rose by $0.56, or 0.6%, to reach $91.05 per barrel at 0044 GMT, while U.S. West Texas Intermediate crude was up $0.83, or 1%, to $86.59.
The recent fighting between the US and Iran has increased fears of damage to energy infrastructure in the Gulf and added uncertainty for shipping through the Strait of Hormuz, which carries about a fifth of global oil supplies.
Efforts by mediators such as Qatar and Oman to reopen the Strait have so far failed to gain traction. The UK Maritime Trade Operations agency reported that a tanker was struck by three projectiles while sailing out of the Strait on Tuesday, but no casualties or environmental impact were reported.