Texas oil hits $80 on escalating U.S.-Iran tensions

The price of Texas Intermediate (WTI) crude oil rose sharply by 3.24% on Tuesday, reaching $80.67 per barrel. This surge occurred as the United States reportedly launched new attacks against Iran, reinstating a naval blockade against the country.

Iranian authorities announced a new wave of U.S. attacks targeting several southern cities, including Bandar Abbas, Bushehr, and Abadan. These attacks followed earlier U.S. airstrikes and intensified clashes between the two nations. In response, Iran reportedly attacked two Emirati ships navigating the Strait of Hormuz, resulting in casualties.

Furthermore, Iran retaliated against the U.S. bombings by launching missiles and drones at U.S. targets in Bahrain, Kuwait, and Jordan. This marks the third consecutive night of cross-border attacks between Washington and Tehran.

The conflict has escalated significantly since last week. The situation worsened when President Trump declared the framework ceasefire agreement, signed on June 17, null and void. This decision was reportedly a response to persistent Iranian attacks on vessels transiting the Strait of Hormuz.