WTI crude oil futures surged nearly 3% to $61.16 per barrel on Tuesday, reaching a 12-week high, as geopolitical risks boosted concerns about supply disruptions. Rhetoric from US President Trump over Iran added to investor caution, with Trump announcing the cancellation of meetings with Iranian officials until protests stop and warning that “help is on its way.” The moves come shortly after a 25% tariff on goods linked to Iran was imposed, heightening fears of regional tension affecting oil flows. Prices were also supported by disruptions at the Caspian Pipeline Consortium terminal in Kazakhstan, where a mix of bad weather, maintenance, and drone strikes has cut loadings nearly in half to about 900,000 barrels per day.
