FX.co ★ Oil Prices Resume Gains

WTI crude oil futures climbed to approximately $72.1 per barrel on Tuesday, heightened by Israel's commitment to intensify strikes on Iran, thereby increasing concerns over a possible escalation that could disrupt energy supplies and key trade routes. On Monday, U.S. President Donald Trump urged for the evacuation of Tehran following Israel's intensified aerial bombardments on the Iranian capital, targeting sites such as state media offices. These developments emerged even as reports signaled Iran's urgent call for de-escalation and a return to negotiations regarding its nuclear agenda. This news somewhat alleviated fears surrounding the conflict, contributing to a highly volatile trading session on Monday, where oil prices fluctuated within an $8 range before settling lower. Concurrently, market participants are also contending with the anticipated imposition of new tariffs by President Trump in the upcoming weeks and the swift increase in production quotas by OPEC+, both of which stand to considerably affect the oil market.