Oil climbs again as waning US-Iran peace hopes raise supply woes
Oil prices have risen for the third consecutive day as tensions between the U.S. and Iran escalate following the expiration of a temporary cease-fire. Iran has signaled a shift to a more offensive military posture, further threatening shipping through the Strait of Hormuz.
Why it matters
Rising oil prices due to geopolitical instability in the Middle East threaten global energy security and economic stability.
Oil prices climbed for a third session in a row on Tuesday as prospects for an agreement to end the Middle East war faded, with Iran saying it would adopt a more offensive stance and the U.S. ruling out extending a cease-fire deal, further heightening worries about global energy supply.
Iran will shift to a "fully offensive" military posture as efforts have stalled towards a permanent end to the war, a senior Iranian official told Reuters on Monday, as Washington ruled out extending its temporary cease-fire pact.
Brent crude futures climbed 89 cents, or 1%, to $91.76 a barrel by 6:41 a.m. GMT, extending their gains on Monday and were at their highest since July 30.
U.S. West Texas Intermediate (WTI) crude futures were up $1.05 at $85.55 a barrel, also extending gains from the previous session to their highest since July 31.
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