International oil prices continued to rise on Tuesday, marking a second consecutive day of gains following a rebound on Monday.
Anxiety that U.S. President Donald Trump’s tariff threats might materialize contributed to the surge in prices.
Escalating geopolitical tensions in the Red Sea region also contributed significantly to the upward pressure on prices.
On Monday and Tuesday, Iran-backed Houthi rebels in Yemen launched attacks on commercial ships passing through the Red Sea.
Brent crude, the international oil benchmark, saw its September futures close at 70.15 USD per barrel, up 0.57 USD (0.82%) from the previous session.
Meanwhile, West Texas Intermediate (WTI), the U.S. oil benchmark, saw its August contract finish at 68.33 USD per barrel, an increase of 0.40 USD (0.59%).
