Oil Prices Rise On Middle East Supply Concerns
(RTTNews) - Oil prices rose sharply on Tuesday amid fears of a tightening oil market after Saudi Arabia closed a critical pipeline that bypasses the Strait of Hormuz following a drone attack.
Adding to concerns over global supplies, a highly anticipated meeting in Oman between Iran and Gulf States was postponed at the last minute in the absence of conditions conducive to a constructive dialogue.
Brent crude futures jumped 2.4 percent to $108.23 a barrel while WTI crude futures soared 2.6 percent to $104 a barrel.
Iran claimed that a supertanker caught fire after striking naval mines while attempting to pass through a restricted area south of the Strait of Hormuz. Tehran also rejected renewed peace talks with the U.S. until its demands are met.
Saudi Arabia warned it will react "firmly" to a series of attacks carried out by Yemen's Houthis using ballistic missiles and drones in the cities of Khamis Mushait, Abha and Taif.
Elsewhere, Ukrainian President Volodymyr Zelenskyy said that Ukraine is prepared to take "de-escalatory steps" if Russia does the same, contradicting U.S. President Trump's claim earlier that both had agreed not to strike each other's energy targets.
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