Oil climbs 1% on Middle East supply worries

Oil prices rose by 1% today, Tuesday, after a sharp decline in the previous session, amid concerns over the ongoing threat to Middle Eastern supplies due to the lack of a diplomatic resolution to the war between the United States and Iran, which is disrupting shipping in the region. The price of Brent crude increased to $84.79 per barrel, following a 7% drop in the previous session. Similarly, West Texas Intermediate rose to $80.80 after falling by more than 5% earlier, reflecting active trading driven by ongoing tensions and the supply crisis in the region.

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