Oil prices rise for a fourth day as geopolitical tensions ease slightly but supply concerns persist amid US-Iran standoff.
West Texas Intermediate (WTI) crude trades at $103.20, up 1.16% on Tuesday, extending a four-day rally. The gain follows President Trump’s decision to pause a planned military strike on Iran, though markets remain cautious over potential supply disruptions.
Prices had surged in recent days due to escalating US-Iran tensions, particularly around the Strait of Hormuz, a critical chokepoint for global oil flows. While regional leaders urged de-escalation, Trump warned of a possible large-scale operation if negotiations with Tehran fail.
Demand-side pressure also supports prices, with India raising petrol and diesel prices to offset rising crude costs. The world’s third-largest oil importer’s move reflects broader concerns over sustained price increases.