WTI crude oil futures rallied 4.3% to settle at $74.8 per barrel on Tuesday, as escalating tensions between the US and Iran reignited supply concerns.
US President Donald Trump demanded Iran's "unconditional surrender" and directly threatened Supreme Leader Ayatollah Ali Khamenei, calling him "an easy target" in a series of social media posts.
The gains reversed Monday's losses, which were driven by hopes of a ceasefire between Iran and Israel. Despite the latest escalation, the oil market has remained relatively stable, supported by strong global supply, including rising OPEC+ output and record-high US production. Analysts note that while Israel has targeted Iranian energy sites, it has avoided disrupting oil export infrastructure, easing immediate fears of a global supply shock.
However, any attempt by Iran to block the Strait of Hormuz, a key chokepoint for global oil shipments, could send prices soaring past $100, according to Goldman Sachs.
Source: Trading Economi
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