Oil Extends Gains After US and Iran Strike Ships

Oil prices continued their upward trend on Tuesday, building on gains from the previous session, following reports of a naval incident involving the United States and Iran. The Strait of Hormuz, a critical chokepoint for global oil supply, has been the scene of heightened tensions in recent weeks. Details of the specific incident remain scarce, but the market is reacting to the potential for further disruption to crude oil shipments.