Oil futures prices experienced an increase of 2.5% on Tuesday following the entry of the Iran Alborz warship into the Red Sea waters on Monday. The action, believed to be a show of support for the Houthi rebels, has escalated tensions in the Middle East. Worries about the supply of the commodity seem to have intensified after the United States Naval Force’s helicopters repelled a Houthi assault on a Maersk merchant vessel in the area. West Texas Intermediate (WTI) for deliveries in February 2024 jumped 2.51% at 5:54 am ET and went for $73.46 per barrel. At the same time, Brent for March 2024 settlements surged 2.56% to sell for $78.98 per barrel. NN: It looks to me Iran is being dragged into a direct conformation with the US by the hooks in their Jaw we talked about.