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Commodities

WTI Oil Prices Surge Amid Middle East Tensions

Guavy AI Editorial Team
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Oil
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WTI oil prices have risen for the second consecutive day, trading around $85.60 per barrel during Asian hours on Tuesday.

The price increase is attributed to renewed hostilities in the Middle East, specifically US-Iran strikes and threats against Kharg Island, Iran's primary oil export hub.

A supertanker caught fire after striking naval mines in the Strait of Hormuz, highlighting severe operational risks in the region.

Ukrainian strikes on Russian refineries have further tightened fuel supplies, driving refined-product margins to record highs.

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