Crude Oil Soars 10% Amid Strait of Hormuz Standoff and Yemen Strikes

Crude oil prices have surged approximately 10% over the past seven days due to deteriorating diplomatic efforts regarding the Strait of Hormuz.

The latest development in the standoff between Washington and Tehran is President Donald Trump's announcement that he intends to pursue conflict reparations from Iran as a condition of any potential settlement. This move comes after Iran insisted that Washington provide war compensation before any framework can be finalized.

Brent crude futures advanced to $87.93 per barrel during Tuesday's session, while West Texas Intermediate pushed to $82.42. Yemen's Houthi militia targeted Saudi Aramco's Jazan refinery over the weekend, intensifying supply disruption concerns and driving up energy costs.