Oil prices rose in early trading due to renewed concerns about supply disruptions. West Texas Intermediate oil futures rose 4.1% to $82.53 a barrel in recent months. The US military said that Iran launched an unexpected ballistic missile attack on the US military stationed in the Middle East, marking a sudden rise in the situation after the two sides had not attacked for four consecutive days. A few hours before Iran launched an attack, US President Trump said that if a cease-fire agreement cannot be reached, the US will launch another attack on Iran. Furthermore, Iran said on Tuesday that it has rejected Oman's plan to resume traffic in the Strait of Hormuz and put forward its own proposal, which would give Tehran more control over shipping on this critical waterway.

Oil prices rose in early trading due to renewed concerns about supply disruptions. West Texas Intermediate oil futures rose 4.1% to $82.53 a barrel in recent months. The US military said that Iran launched an unexpected ballistic missile attack on the US military stationed in the Middle East, marking a sudden rise in the situation after the two sides had not attacked for four consecutive days. A few hours before Iran launched an attack, US President Trump said that if a cease-fire agreement cannot be reached, the US will launch another attack on Iran. Furthermore, Iran said on Tuesday that it has rejected Oman's plan to resume traffic in the Strait of Hormuz and put forward its own proposal, which would give Tehran more control over shipping on this critical waterway.