Oil prices rise 4% following Iranian attacks on UAE
Oil prices rose 4% Tuesday after Iranian attacks on UAE infrastructure renewed supply fears. Brent hit $103.73 as the Strait of Hormuz remains largely closed.
Oil prices rose by approximately 4% on Tuesday as renewed attacks by Iran on the United Arab Emirates reignited concerns over global supply stability. The price surge comes as the strategic Strait of Hormuz remains largely closed, reversing the previous session's downward trend.
Brent Crude Oil futures jumped $3.52, or 3.5%, to reach $103.73 per barrel, while West Texas Intermediate (WTI) crude in the United States gained $3.79, or 4.1%, to settle at $97.29. This recovery follows a period of volatility where Brent had settled 2.8% lower after some vessels managed to navigate the critical waterway.
