Oil prices climb 2% on supply concerns
Oil prices rose by about 2% today, Tuesday, due to renewed fighting between the United States and Iran in the Middle East, reviving concerns over supply disruptions from the key oil-producing region. The price of Brent crude increased by 1.9% to reach $92.21 per barrel, while West Texas Intermediate rose by 2.47% to $87.88, amid warnings that ongoing tensions are affecting oil flows through the Strait of Hormuz. Additionally, two giant oil tankers were involved in incidents near the Strait, and data shows that ship traffic has decreased. Experts predict that oil prices will remain above $80 throughout 2026, with the continued risk of shipping disruptions amid escalating tensions between Washington and Tehran.
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