Oil prices climb amid supply worries

Oil prices rose by about one dollar today, Tuesday, due to escalating tensions between the United States and Iran in the Middle East. Renewed fighting has heightened concerns over disruptions to global oil supplies. Brent crude increased by $1.05 (1.2%) to reach $91.54 per barrel, while U.S. West Texas Intermediate crude also rose by $1.27 (1.5%) to $87.03. This comes amid threats from the U.S. President of possible strikes against Iran and a decline in shipping transit through the Strait of Hormuz, with the number of ships passing through dropping to five per day—the lowest in ten days. Risks to oil supplies continue, as American inventories approach their lowest levels, with forecasts predicting prices will stay above $80 per barrel into 2026.

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