Brent crude oil prices have stayed above $110 a barrel on Tuesday amid the latest escalatory remarks by the United States and Iran over the Strait of Hormuz.
While it had come down marginally on Monday to $109 per barrel during the trading session, the prices went up in the evening when Trump threatened demolition of Iranian energy infrastructure.
Apart from Brent crude, the West Texas Intermediate (WTI) crude oil prices also surged to an intraday high of $114.28 per barrel on April 6, after opening around the $113 per barrel region, according to the latest data.
On Tuesday morning, the crude oil prices surged more than 1.09 per cent to $110.87 per barrel as of 7:22 am (IST), compared to $109.69 per barrel at the previous market close.
According to data, the US-based WTI crude oil prices were also trading 1.95 per cent higher at $114.60 per barrel as of 7:23 am (IST) on Tuesday, compared to its $112.41 per barrel level at the previous commodity market close.
Oil prices have been affected due to the escalations in the Middle East due to lack of a ceasefire between the warring parties.
Besides mixed cues from West Asia, along with the higher price of oil in the market, are continuing to weigh down on the investor sentiment across the global market.
The rising prices and shortage of supplies have immensely affected the global markets and investor sentiments, who are now weighing in on the energy and defence stocks amid the potential breakout of a full-fledged war between the United States and Iran.
