Energy Preview: Oil prices hold firm amid escalating attacks near the Strait of Hormuz

Crude oil prices are holding firmly above $90 per barrel mark on Tuesday morning in Asia following a near 10% surge in the previous week alone. Renewed triggers raised fears of deeper energy disruptions, with both sides stepping up attacks over the weekend on ships and military vessels around Hormuz. Iran has reportedly vowed to strike energy infrastructure across the Middle East in response to further United States (US) attacks on its assets, marking the latest escalation in a conflict that has sharply reduced regional oil supply. WTI crude oil futures are seen trading at $92.53 per barrel, up more than 1% on the day while Brent is holding above $97 mark.

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