Crude Oil Prices Surge Amid Escalating Tensions with Iran

Washington D.C. The price of crude oil continues to rise sharply in global markets due to escalating tensions and war with Iran. Early Asian trading on Tuesday saw US oil prices jump 3 percent to nearly $106 per barrel.

US crude oil prices closed Monday above the $100 mark for the first time since the war against Iran began on February 28. This is the highest price since July 2022. Brent crude, considered the international market benchmark, also saw an increase of more than 2 percent on Tuesday, pushing its price to $115 per barrel.

Investors and analysts believe that the market prices have soared due to increased fear of disruption to oil supply following US President Donald Trump's warning of further military strikes on key Iranian infrastructure if a deal is not reached soon.

Meanwhile, Israeli Prime Minister Benjamin Netanyahu has refused to set a specific timeline for when the war with Iran will end. Speaking to the American television channel Newsmax, Netanyahu claimed the war was now "certainly past the halfway point."

The indication that the war will be prolonged and the uncertainty in major oil-producing regions suggest that fuel prices may rise further in the coming days.