Oil prices rose more than 1% on Tuesday, as renewed Iranian attacks on the United Arab Emirates heightened concerns about the worsening outlook for global supply if there is no quick resolution to U.S.
Oil prices rose more than 1% on Tuesday, as renewed Iranian attacks on the United Arab Emirates heightened concerns about the worsening outlook for global supply if there is no quick resolution to U.S.-Israeli war on Iran, now in its third week.
Brent crude futures gained $1.33, or 1.3%, to $101.53 a barrel by 1515 GMT while U.S. West Texas Intermediate (WTI) crude advanced $1.21, or 1.3%, to $94.71.
The U.S.-Israeli war on Iran shows no signs of abating. While oil futures have not repeated the brief surge to nearly $120 a barrel from earlier in the month, the series of attacks on oil installations by Iran and the ongoing disruption to shipping through the Strait of Hormuz - a vital gateway for about 20% of the world's oil and liquefied natural gas trade - has traders girding for long-term impairment to supply that could keep prices elevated for an extended period.
"The risks remain stark: It only takes one Iranian militia to fire a missile or plant a mine on a passing tanker to reignite the entire situation," IG market analyst Tony Sycamore said in a note.
Iran renewed attacks on the United Arab Emirates on Tuesday, causing oil
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