Oil markets saw significant gains Tuesday as President Donald Trump escalated his warnings toward Iran, with threats of enhanced measures should the nation continue blocking access to the strategically vital Strait of Hormuz.
West Texas Intermediate crude contracts climbed $1.12 per barrel, representing a 1.1% increase that brought prices to $113.52 by late Tuesday evening GMT.
The price surge reflects market concerns over potential disruptions to global oil supplies, as the Strait of Hormuz serves as a crucial shipping lane for international petroleum exports.
