Middle East conflict sends Brent crude oil price to $85, its highest level since 2024
The price of oil rises significantly worldwide. Photo: iStock
TL;DR
- Oil prices increased significantly on Tuesday due to fears of a prolonged war in Iran.
- The market anticipates major supply disruptions, including the Strait of Hormuz becoming impassable.
- Brent crude oil for May delivery rose 7.94% to $83.91, reaching $85.12, its highest level since July 2024.
- US equivalent West Texas Intermediate for April delivery advanced 7.36% to $76.47.