Prices had already surged more than 3% earlier Tuesday
The renewed tensions sent several European sectors into reverse on Monday
The Iranian and U.S. delegations were reportedly expected to hold another round of peace talks
Iran ratcheted up its rhetoric against the U.S. on Sunday
The UKMTO said it had received a direct notification from the tanker captain
“Tanker and crew are reported safe,” UKMTO posted
Oil prices plummeted following Iran’s announcement
US President Donald Trump played down the prospect of renewed fighting on Tuesday
U.S. gasoline prices have spiked
Oil prices remain the key driver as investors grapple with a broadening supply shock
U.S. President Donald Trump threatened that "a whole civilization will die tonight"
The U.S. and Israel's attack on Iran six weeks ago has triggered a significant shock to energy supply
The Dow Jones Industrial Average traded down 125 points, or 0.3%
Oil prices, which likewise had surged overnight, eased from their highs of the day on the Oman news
President Donald Trump had told aides he was willing to end military hostilities
The price of a barrel of Russian Urals crude oil currently stands at $115 Tuesday
Trump has expressed his disdain for European allies
Crude futures plunged almost 15% earlier in the session
The facility was used to store equipment, including anti-ship cruise missiles and mobile missile launchers
Operations at the UAE’s massive Shah gas field remained suspended on Tuesday
Oil prices hovered around the $100 per barrel Monday
The U.S. president ordered strikes Friday against Iranian military assets on Kharg Island
The East-West pipeline is estimated to have a total design capacity of 7 million barrels per day
Tanker traffic through the Strait remains at a standstill
West Texas Intermediate futures climbed 5% to around $87 per barrel
Crude oil prices embedded an estimated $18 per barrel real-time risk premium
Tuesday’s temporary closure of the waterway was aimed at ensuring shipping safety
Iran’s parliament voted to approve a closure of the Strait of Hormuz on Sunday
Commanders put American troops on high alert at military bases