Oil prices volatile as Iran deploys warship to Red Sea amid escalating tensions

News Snapshot:

Oil prices jumped more than 2% on Tuesday after Iran deployed a warship to the Red Sea following days of tensions in the critical shipping region. West Texas Intermediate (CL=F) traded as high as $73.64 per barrel before paring gains and dipping into negative territory. Brent (BZ=F) crude rose to a session high of $79.04 per barrel. “The Iranian Navy has dispatched a destroyer to the Red Sea as part of the flotillas that take part in regular missions in international waters,” said an Iranian news agency statement. On Sunday the US Navy destroyed three Houthi boats following an attempted...