Crude prices cross $90 as ceasefire hopes dim, Hormuz disruption weighs on supply

Oil prices climbed Tuesday as Middle East war concerns persisted. Iran signaled a more offensive military approach, and the US rejected extending the ceasefire. Shipping through the Strait of Hormuz significantly decreased following recent attacks. Tensions also escalated in the Red Sea with Houthi missile attacks. Crude oil inventories in the US are expected to have declined last week.