Oil prices rise on renewed U.S.-Iran fighting, supply fears

Oil prices climbed on Tuesday as renewed fighting between the United States and Iran reignited fears of supply disruptions in the Middle East and heightened risks for shipping through the Strait of Hormuz. Brent crude futures rose to $91.87 per barrel, while U.S. West Texas Intermediate crude reached $87.15, extending gains from the previous session when both benchmarks settled more than 2.5 percent higher. The escalation followed a direct exchange of attacks between the two nations over the weekend, the first in a month. U.S. forces struck Iranian military targets on Larak Island, and Iran retaliated by launching missiles at U.S. military facilities in Jordan.