Crude Oil Prices Surge Amid Escalating Tensions with Iran

Washington D.C. | The price of crude oil in the global market continues to rise sharply due to escalating tensions and war with Iran. Early in Asian trading on Tuesday, the price of US oil increased by 3 percent to nearly $106 per barrel.

The price of US crude oil surpassed the $100 mark for the first time since the war against Iran began on February 28, closing Monday's session at that level. This is the highest price since July 2022. The price of Brent crude, considered the international market standard, also saw an increase of more than 2 percent on Tuesday, pushing its price per barrel to $115.