Brent crude hits $98.89 amid US and Iran tensions
Business
Oil prices shot up on Tuesday after things got tense between the US and Iran, with a cease-fire deadline just around the corner.
Brent crude hit $98.89 a barrel (up over 5%), and US oil wasn't far behind.
The spike comes as everyone's watching to see if Iran will even show up for peace talks in Pakistan.
US Navy seizes Iranian ship
The tension ramped up when the US Navy seized an Iranian ship in the Strait of Hormuz, a super important route for global oil shipping.
That move disrupted traffic through the strait and set off fresh worries about energy supplies and what might happen if talks fall through, especially since President Trump is pushing hard for Iran to join negotiations but Tehran isn't budging under pressure.