US oil surges 5.7% as Middle East conflict stokes supply fears
Oil prices jumped Tuesday, with US crude rising over 5%, amid growing concerns about global supply disruptions due to ongoing Middle East tensions.
Key Takeaways
AIOil prices climbed during Tuesday trading as concerns mounted over potential global supply shortages due to the ongoing conflict in the Middle East, with US crude posting gains of more than 5%.
West Texas Intermediate rose 5.7% to $109.60 per barrel, while Brent crude, the global benchmark, increased 2% to $111.69 per barrel.
These gains come amid heightened fears that regional security developments could disrupt oil flows and global supplies.