Geopolitical Tensions Continue to Escalate Around the World. Oil Prices Are Climbing Again.

Oil prices are climbing again on Tuesday as geopolitical tensions remain high and the conflicts fueling the energy crunch show no signs of abating.

Brent crude, the international benchmark, gained 1.59% and stood at $111.29 a barrel at 8:15 a.m. ET, while West Texas Intermediate, the U.S. benchmark, climbed 2% and went back above $100 a barrel at the same time.

Ship tracker firm Kpler detailed that at least 18 ships have been attacked over the past weeks in the Strait of Hormuz as Tehran seeks to enforce its blockade of the waterway. The Iranian Revolutionary Guard Corps detailed that two tankers hit mines in the area and were set ablaze.

At the same time, a new report noted that Iran is deliberately stalling potential talks with the U.S. to influence the outcome of the midterms in early November.

Citing senior Iranian officials, Reuters detailed that fears of new military action and a distrust of the Trump administration have contributed to the decision.

As a result, officials believe that President Donald Trump is ready to resume attacks to try to break the stalemate.

"Iran is preparing for renewed Israeli and US attacks, not for a deal with America to end the war," an official told the outlet. "The clerical establishment is determined not to give Trump a political victory."

Both countries are taunting each other in the meantime. Iranian Foreign Minister Abbas Araghchi took on Trump over a recent claim that he could soon "finish the job" in the country. He also took on Israeli Prime Minister Benjamin Netanyahu.

"Last time you wanted to 'finish the job,' Iran emerged even stronger. Want to try your luck again? Be our guest. But be careful; we have unfinished jobs too," Araghchi said in a social media publication.

The official went on to claim that Netanyahu is "driving America into another war to stay out of jail, whatever the consequences for Israel—let alone POTUS."

The remarks follow those of Trump, who on Sunday said in a post of his own that unless Tehran "change their ways, rapidly, we will soon finish the job." He added that the U.S. might have to continue fighting Iran alone if someone other than Netanyahu is elected as Israel's prime minister in the upcoming elections, scheduled for October 27.

Trump also endorsed Netanyahu, calling him a "Great Warrior Prime Minister, and an even greater Partner for Peace in combatting the Islamic Republic of Iran."