Commodities
US-Iran Tensions Spark Sharp Rise in Crude Oil Prices
Crude oil prices surged on Tuesday as renewed tensions between the US and Iran in the Middle East heightened concerns over potential supply disruptions from the world's major crude-producing region.
The price of Brent crude futures climbed 56 cents, or 0.6%, to $91.05 a barrel, while US West Texas Intermediate (WTI) crude gained 83 cents, or 1%, to $86.59 a barrel.
The gains followed a strong performance in the previous session, when Brent settled 2.7% higher after touching its highest level since August 25.
US President Donald Trump warned of additional strikes against Iran on Monday, saying 'additional strikes' were needed after the two countries exchanged direct attacks for the first time in a month on Sunday.