Crude oil prices surged for the second consecutive day on Tuesday as fresh uncertainty gripped the market following the Iran-Israel escalations and concerns over the Strait of Hormuz.
According to trading data, oil prices continued to push upwards as investors reacted to signals from both sides that future military strikes remain a possibility, despite their recent agreement to reduce hostilities after a strong warning from US President Donald Trump.
Brent crude futures rose 13 cents, or 0.14 per cent, to $94.38 per barrel at 00:01 GMT, while US West Texas Intermediate (WTI) climbed 11 cents, or 0.12 per cent, to $91.41 per barrel.
Prices had earlier climbed close to $97 per barrel before easing to around $91 at the close of Monday’s trading session.
They showed a gradual recovery after Iran and Israel agreed to de-escalate, following President Trump’s warning to Israel that it could soon find itself “on its own” if attacks on Iran and Lebanon continued.
Disruptions in the Strait of Hormuz due to the ongoing conflict have caused a crude oil shortage in global markets.
Prices, which were hovering in the $65–$70 range earlier, have spiked as high as $121 per barrel in recent weeks, putting immense pressure on oil-dependent Asian economies.
Also read: Iran-Israel cease attacks after Trump presses Netanyahu
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