Oil Tops $90 as Middle East Tensions Disrupt Hormuz Shipping, Ceasefire Fails

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Crude oil prices surpassed $90 per barrel on Tuesday amid escalating Middle East conflict. Iran indicated a more aggressive military posture while the United States declined to extend a ceasefire agreement. Shipping traffic through the Strait of Hormuz dropped sharply following a series of attacks in the region. Additional instability emerged in the Red Sea, where Houthi forces launched missile strikes on vessels. Meanwhile, US crude oil stockpiles are anticipated to have fallen during the previous week, further tightening supply outlook.

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