WTI rises 1% as Middle East tensions grow

The price of crude oil for front-month settlements continued to climb on Tuesday as concerns of a wider conflict in the Middle East increased the uncertainty about the commodity’s supply. In addition, Hurricane Beryl heightened concerns about potential disruptions to offshore crude production in the Gulf of Mexico. West Texas Intermediate (WTI) for August deliveries rose 1.00% to sell at $84.24 per barrel at 8:37 am ET. At the same time, Brent for September contracts gained 0.84% to go for $87.34 a barrel.