Oil prices rise as latest fighting resurrects Middle East supply disruption risks
Oil prices gained on Tuesday as the resumption of fighting between the US and Iran in the Middle East renewed fears of supply disruptions from the world’s key crude-producing region. Brent crude futures were up 56 cents, or 0.6%, to $91.05 a barrel at 0044 GMT, while US West Texas Intermediate crude was up 83 cents, or 1%, to $86.59. In the previous session, Brent closed up 2.7%, at one point reaching its highest since August 25, and WTI settled up 2.8%, touching its highest since August 21. On Monday, US President Donald Trump threatened further strikes against Iran following the first exchange of direct attacks between the countries in a month on Sunday, raising tensions in a conflict that had recently shifted into an economic standoff.