WTI Crude Oil Surges Above $92.00 Amid Escalating Tensions Between US and Iran

West Texas Intermediate (WTI) crude oil prices have climbed to their highest level since July 23, surpassing $92.00 in the early European session on Tuesday.

The uptrend is attributed to rising tensions between the US and Iran, which has led to increased concerns over supply disruptions in the region.

US forces recently struck and disabled three Iranian oil tankers as a retaliatory measure for an Islamic Revolutionary Guard Corps (IRGC) ballistic missile attack targeting two US Navy warships.

Tehran warned that energy infrastructure across the Gulf was vulnerable to attacks, intensifying fears of a prolonged disruption to oil supplies.