Crude oil futures ended sharply higher on Tuesday, amid rising concerns over a possible re-escalation of the Middle East conflict after the U.S. rejected Iran’s peace proposal and reports suggested a possible return to military action. Additionally, the Strait of Hormuz continues to face restrictions from both U.S. and Iranian forces, posing a major hurdle to negotiations and disrupting the flow of crude oil, natural gas, and fuel supplies.
Benchmark crude oil futures for June delivery jumped by $4.11 or 4.19% to settle at $102.18 a barrel on the New York Mercantile Exchange. Brent crude for July delivery up by $3.56 or 3.42% to settle at $107.77 a barrel on the New York Mercantile Exchange.
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