Crude oil futures settled higher on Tuesday, as traders were concerned about Middle East conflict. Iran’s Revolutionary Guards have declared the Strait of Hormuz closed, warning that any vessel attempting to pass will be attacked. The attack on Saudi Aramco’s Ras Tanura oil facility, has significantly worsened global supply concerns. Meanwhile, U.S. President Donald Trump suggested the war may last four to five weeks but could ‘go far longer than that.’
Benchmark crude oil futures for April delivery rose $3.33 or 4.67% to settle at $74.56 a barrel on the New York Mercantile Exchange. Brent crude for May delivery added $3.66 or 4.70% to settle at $81.40 a barrel on London's Intercontinental Exchange.
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