Oil Prices Surge to $84 as Supply Risk Becomes Real

Oil prices jumped by 8% early on Tuesday as markets brace for a prolonged conflict in the Middle East and fears of supply disruptions began to materialize. As of 7:00 a.m. ET on Tuesday, the international benchmark, Brent Crude, had jumped by 8.36% to $84.24. The U.S. benchmark, WTI Crude, moved up past the $75 per barrel threshold and traded at $76.93, up by 8% on the day. After a 10% jump on Monday, oil prices continued their upward trajectory on Tuesday after U.S. President Donald Trump said that the war in Iran,…