Oil Prices surge 4% amid Iran-Israel Tensions

As tensions between Iran and Israel continue to escalate, global oil prices jumped more than 4% on Tuesday. U.S. West Texas Intermediate rose by 4.28% to $74.84 per barrel, while Brent crude climbed 4.4% to close at $76.45 per barrel.

Following an Israeli strike, Iran partially halted gas production at its South Pars field. Although the move has not led to major supply disruptions, concerns persist. Market uncertainty is further heightened by fears of potential interruptions in the critical Strait of Hormuz.

Analysts warn that the ongoing crisis could push oil prices even higher, with a possible security premium of up to $10 per barrel. As geopolitical risks mount, the global oil market braces for increased volatility.