Oil Prices Rises As US – Iran Crisis Deepens

Oil Prices Rises As US – Iran Crisis Deepens

Oil prices climbed again on Tuesday after fresh military action by the United States in southern Iran raised fears over the stability of the ceasefire between both countries.

Brent crude moved from around $97 per barrel on Monday to nearly $100 per barrel. The rise came as investors worried about possible disruptions to global oil supply routes.

The US military said the strikes targeted missile sites and Iranian boats in what it described as defensive operations to protect American troops.

The attacks happened while talks between Washington and Tehran were still ongoing over a possible agreement to end the conflict and restore full movement through the Strait of Hormuz.

Iran reacted angrily to the strikes and accused the US of breaching the ceasefire arrangement.

Iranian authorities described the attacks in Hormozgan province as a serious violation at a time when both sides were expected to continue negotiations over key issues, including Iran’s nuclear programme and frozen assets.

The conflict, which started after US and Israeli attacks on Iran in February, has continued to affect global energy markets and shipping activities.

Oil traders remain worried that further clashes could worsen supply shortages, especially as traffic through the Strait of Hormuz remains below normal levels.