Oil Prices Rise On Supply Disruption Concerns

(RTTNews) - Oil prices were sharply higher on Tuesday after the U.S. and Iran returned to tit-for-tat strikes, raising concerns about energy supplies and shipping through the Strait of Hormuz, a key waterway through which one-fifth of the world's oil is transported.

As the two sides escalate attacks on each other, traders braced for prolonged disruptions to energy flows from the Persian Gulf.

Only five commodity vessels transited the Strait of Hormuz on Monday, with four entering and one exiting, preliminary Kpler data showed.

Brent crude futures traded 1.8 percent higher at $92.13 a barrel while WTI crude futures were up 2.4 percent at $87.78.

U.S. President Donald Trump has threatened to hit Iran "hard" after the two foes traded fire for the first time in over a month.

Heightened tensions emerged after the U.S. attacked two Iranian rocket launchers on Larak Island and Iran retaliated with attacks on the United Arab Emirates and Jordan.

An Iranian official dismissed as "laughable" AI-gen videos shared by Trump showing Iran's oil hub Kharg Island being "blown to smithereens", with no further details.

Iranian President Masoud Pezeshkian said his country was not seeking war but will never remain silent in the face of aggression.

Elsewhere, at least 12 people were killed and dozens injured in overnight Russian strikes across Ukraine.