Kathmandu — Crude oil prices continued to climb on Tuesday as concerns grew that escalating tensions in the Middle East could disrupt fuel supplies. By midnight GMT, Brent crude rose 34 cents (0.35%) to $97.34 per barrel, while US West Texas Intermediate (WTI) jumped $1.15 (1.26%) to $92.63 per barrel.
According to Reuters, Iran warned it would deliver a strong response to any new US attacks on its facilities, raising fears of prolonged conflict and global supply disruptions.
Heightened risks around the Hormuz Strait, the world’s key oil transit route, have already pushed Brent crude to its highest level since July 24 in the previous trading session, as traders adjusted prices to reflect potential instability.
