Crude oil futures settled higher on Tuesday as concerns of a fresh U.S.-Iran exchange of attacks surfaced following incidents involving projectile attacks on at least three tankers sailing across the Strait of Hormuz. The latest escalation has stoked concerns about peace talks between the two countries as they look to end their conflict and fully reopen the crucial waterway.
Benchmark crude oil futures for August delivery increased by $1.89 or 2.76% to settle at $70.44 a barrel on the New York Mercantile Exchange. Brent crude for September delivery gained by $2.17 or 3.01% to settle at $74.16 a barrel on the New York Mercantile Exchange.