Global oil prices have risen amid renewed tensions and clashes between Iran and the United States over control of the Strait of Hormuz and concerns about disruptions to oil supplies.
Reuters reported on Tuesday, September 1, that global oil prices rose by about $1 in the latest surge following renewed tensions in the Strait of Hormuz.
According to the report, Brent crude rose by $1.05, or 1.2 percent, to $91.54 per barrel, while US West Texas Intermediate (WTI) crude rose by $1.27, or 1.5 percent, to $87.03 per barrel.
Earlier, Brent crude had risen 2.7 percent to its highest level since August 25, while WTI crude rose 2.8 percent to its highest level since August 21.
This comes as US President Donald Trump threatened Iran with further attacks on Monday, following the first direct exchange of attacks between Iran and the United States in a month on Sunday, escalating tensions in a conflict that had recently turned into an economic standoff.
