Oil prices go high on fears of wider conflict
New Delhi: Oil prices rose sharply on Tuesday after US President Donald Trump called for the evacuation of Tehran, raising fears of a wider conflict in the Middle East. The prices jumped initially but later eased as the market stayed cautious about any major disruption in oil supplies.Brent crude oil went up by as much as 2.2 per cent before falling slightly to trade just above $73 a barrel.
West Texas Intermediate (WTI) also rose and hovered near $72. This comes after oil prices had dropped on Monday when there were signs that Iran was trying to calm tensions.However, Israel has continued its military strikes, which began last Friday, targeting key nuclear sites in Iran.
The oil market is closely watching the Strait of Hormuz -- a narrow waterway that plays a crucial role in global oil trade.Around 20 per cent of the world's daily oil supply passes through this route. Maritime security company Ambrey reported a possible incident near the area on Tuesday, although details were not clear.Investment bank Morgan Stanley has raised its oil price forecasts, citing higher risks because of the conflict.
Meanwhile, the White House is reportedly discussing the possibility of meeting Iranian officials this week to talk about reviving the nuclear deal and ending the ongoing war with Israel, according to a report by Axios.
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