Oil prices extended gains on Tuesday as traders mulled the threat of escalation following the resumption of U.S.-Iran military strikes. Iran launched an attack on two American bases in Jordan in retaliation for a U.S. strike on Larak Island in the Strait of Hormuz. Iranian President Masoud Pezeshkian said Tehran would immediately reciprocate if Washington agreed to return to its commitments under the June deal. President Trump told Fox News he would « hit them hard » and there would be a response to Iran’s attacks on U.S. military bases. Brent crude surpassed $91 per barrel as the conflict, now in its seventh month, continues to destabilize global energy markets.
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