Oil Prices Choppy as Iran Tensions Escalate; Brent Briefly Tops $90
Oil prices swung sharply on Tuesday, with Brent briefly touching $90 a barrel for the first time in two weeks before settling lower, as escalating U.S.-Iran tensions threatened Strait of Hormuz shipping.
Brent crude rallied 1.6% at one point to hit $90 a barrel for the first time in two weeks before paring gains and settling just below the $89 mark. U.S. West Texas Intermediate added 1.8% to trade above $83.
The choppy session reflected mounting supply fears tied to the Strait of Hormuz. President Trump reportedly instructed aides to seek compensation from Iran, while Tehran vowed to keep the waterway closed until Washington lifted what it called a blockade.
The standoff has hardened into a stalemate, with shipping activity through the strait dwindling. The twin headlines kept a bid under crude but failed to sustain the breakout above $90.
Source: First Squawk