Oil prices jump 4% as fresh US-Iran fighting stokes supply fears
NEW YORK — Oil prices jumped about 4 percent to a one-week high on Tuesday as a resumption in fighting between the U.S. and Iran renewed fears of supply disruptions from the Middle East. Brent futures rose $3.44, or 3.8 percent, to $93.93 a barrel at 1:10 p.m. EDT (1710 GMT), while U.S. West Texas Intermediate crude rose $3.72, or 4.3 percent, to $89.48. That puts Brent on track for its highest…
Oil prices surged nearly 4% to a one-week high on Tuesday due to renewed tensions between the U.S. and Iran, raising concerns over potential supply disruptions in the Middle East. Brent futures increased by $3.44, or 3.8%, to $93.93 per barrel, while U.S. West Texas Intermediate crude climbed $3.72, or 4.3%, to $89.48. This marks Brent on track for its highest close since August 20 and WTI nearing its peak since July 23.
Following the U.S.'s recent air strikes on Iranian targets, fears of a broader conflict resurfaced, causing oil prices to rise following last weekend's exchange of fire and reports of two tankers struck in the Strait of Hormuz, an essential global oil shipping lane controlled by Iran. Despite these events, Tehran remained unyielding, warning it would halt oil exports from the Gulf.
However, President Trump threatened a strong response to the renewed Iranian attacks, and the U.S. Treasury Secretary issued a warning against further escalation.
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