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Oil prices rose on Tuesday as renewed fighting between the United States and Iran in the Middle East reignited concerns over potential supply disruptions from a key global crude-producing region.
Brent crude futures climbed 56 cents, or 0.6%, to $91.05 a barrel by 00:44 GMT, while US West Texas Intermediate (WTI) crude gained 83 cents, or 1%, reaching $86.59.
In the previous session, Brent settled up 2.7% after briefly touching its highest level since August 25, while US crude settled 2.8% higher, marking its highest point since August 21.
US President Donald Trump vowed on Monday to launch further strikes against Iran following the first direct mutual attacks between the two countries in a month on Sunday, escalating tensions in a conflict that has recently shifted into an economic confrontation.
Tim Waterer, a market analyst at KCM, stated: "These developments bring the possibility of an Iranian response back to the forefront. This, in turn, raises the likelihood of damage to energy infrastructure around the Gulf and adds a new layer of uncertainty surrounding shipping traffic through the Strait of Hormuz. Both risks are reflected in the firmer tone of crude prices."
Shipping data from Kpler revealed that the number of visible commercial vessels crossing the Strait of Hormuz over the weekend dropped to five ships per day.
Efforts by mediators, including Qatar and Oman, to reach an agreement to reopen the Strait of Hormuz—through which nearly a fifth of the world's oil supply passed before the outbreak of war in late February—have made no progress to date.
Iran closed the waterway after being attacked by the United States and Israel on February 28.
In a sign of ongoing threats to maritime traffic and oil supplies, the United Kingdom Maritime Trade Operations (UKMTO) reported on Tuesday that a tanker was struck by three projectiles while sailing outside the Strait of Hormuz. No casualties or environmental damage were reported.
On Friday, Trump announced an agreement with Venezuela to take control of the country's oil reserves, later stating that this move would help replenish the US Strategic Petroleum Reserve, which is currently near a 44-year low.
Five sources familiar with the arrangements indicated that US-based Chevron and GE Vernova, India's ONGC, Italy's Eni, and Colombia's GeoPark are set to sign final agreements in Venezuela following months of negotiations regarding energy projects in the OPEC member state.
Crude oil inventories in the US Strategic Petroleum Reserve fell by approximately 3.1 million barrels last week to 286.6 million barrels.
Analysts surveyed by Reuters in August expect oil prices to remain above $80 a barrel in 2026 as shipping disruptions persist.
Reuters