Oil Prices Rise for a Third Day Amid Escalating Middle East Conflict
Brent nears $80 as fears grow over Strait of Hormuz disruption and regional supply risks.
Oil prices climbed for a third consecutive day as the widening conflict involving the United States, Israel and Iran heightened concerns over potential supply disruptions from the Middle East.
According to Reuters, Brent crude futures rose to $79.44 a barrel by 0400 GMT on Tuesday, up $1.70 or 2.2%. On Monday, the contract had surged to as high as $82.37 — its highest level since January 2025 — before settling 6.7% higher after trimming gains.
US West Texas Intermediate (WTI) crude also gained $1.17, or 1.6%, to trade at $72.40 a barrel. In the previous session, WTI had climbed to its highest level since June 2025 before easing slightly to close 6.3% higher.
Market analysts cited rising fears over shipping disruptions through the Strait of Hormuz, a critical chokepoint for global oil supplies, as a key driver behind the price surge.
“With no quick de-escalation in sight, the Strait of Hormuz effectively closed and Iran showing a willingness to target energy infrastructure in the region, upside risks remain and they grow the longer the conflict drags on,” IG market analyst Tony Sycamore was quoted as saying by Reuters.
The Strait of Hormuz handles a significant portion of the world’s crude exports, and any sustained disruption is likely to have major implications for global energy markets.
Source: Al Jazeera
