WTI Oil Prices Soar to $90 as US-Iran Tensions Escalate
Oil prices surged on Tuesday as tensions between the US and Iran escalated, with West Texas Intermediate (WTI) futures expiring in October climbing to $90.68 a barrel, their highest level since June 11.
The price increase came after the US military conducted strikes against Iranian targets, which Tehran retaliated by hitting a US Marine base in Jordan with ballistic missiles.
President Donald Trump said the latest strikes were in response to Iran's minelaying attempt and attack on the Jordanian military base. He warned that if Iran continued to retaliate, it would face even more severe consequences.
The supply disruption concerns were further exacerbated by a tanker being struck by unidentified projectiles while exiting the Strait of Hormuz, as well as Russia's decision to extend its diesel export ban until September 30.