New York: Oil prices surged sharply on Tuesday amid escalating supply-side risks stemming from the intensifying conflict involving Iran, Israel, and the United States.
U.S. West Texas Intermediate (WTI) crude futures jumped more than $4 and traded at $77 per barrel compared to $73 a day earlier. The rally marked the third consecutive session of gains, driven by mounting fears of supply disruptions in the region.
Earlier, Iran reportedly moved to close the strategically vital Strait of Hormuz, preventing oil tankers from passing through the key shipping route. The strait is one of the world’s most critical oil transit chokepoints, and any disruption there significantly impacts global fuel shipments and energy markets.
The widening U.S.-Israeli conflict with Iran has heightened concerns over further instability in global oil supply chains, pushing crude prices higher as traders price in geopolitical risk.
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