Oil prices rose 3 percent at settlement on tuesday after the united states revoked a general license that had allowed the sale of iranian crude:il prices rose 3 percent at settlement on Tuesday after the United States revoked a general license that had allowed the sale of Iranian crude, reviving concerns over potential disruptions to oil tanker traffic as well, following reports of attacks on tankers near the Strait of Hormuz. Brent crude futures rose $2.17, or 3.01 percent, to settle at $74.16 a barrel. US West Texas Intermediate (WTI) crude gained $1.89, or 2.76 percent, to $70.44 a barrel.

According to Qatar News Agency, in post-settlement trading, the global benchmark crude rose $1.87 to $76.03, while WTI jumped $1.76 to $72.20. The revocation of the license by the United States has heightened market uncertainty, leading to a significant surge in oil prices as traders assess the potential impacts on global oil supply. The recent developments have underscored the volatility of the oil market, particularly in the geopolitically sensitive region near the Strait of Hormuz, a vital corridor for global oil shipments.