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Oil prices reached $99 on Tuesday after reports surfaced that Iran had carried out a second undisclosed attack on U.S.
Navy ships, compounding the market fallout from a weekend in which the United States and Iran traded strikes. Energy markets tracked each new development through the session as Mideast tensions continued to escalate.
The mechanism behind the move The constraint beneath any Mideast military escalation is the region's weight in global crude supply and the shipping corridors that carry production to market.
Oil markets price that supply risk ahead of any physical disruption, which is why Tuesday's sequence ran the way it did. A report emerged that Iran had struck U.S.
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