Oil prices surge amid fears of Middle East escalation

Global oil prices climbed sharply on Tuesday as traders reacted to rising geopolitical tensions in the Middle East following renewed threats from Donald Trump toward Iran, Report informs, citing trading data.

Brent crude futures for June delivery rose by 1.25% to reach $111.14 per barrel, while May futures for WTI crude jumped 2.45% to $115.16, according to market data.

The gains come amid heightened concerns over potential supply disruptions, particularly around the strategically critical Strait of Hormuz.

Earlier, Trump warned Iran of severe consequences if it failed to ensure open navigation through the strait, reportedly threatening to target infrastructure such as bridges and power plants.

In response, Iranian officials stated they would deliver a decisive retaliation if such threats were carried out.