Crude oil prices rose again in international markets on Tuesday as renewed military tensions between the United States and Iran heightened fears of supply disruptions from the Middle East, one of the world’s most important oil-producing regions.
According to Reuters, Brent crude futures rose 56 cents, or 0.6%, to $91.05 a barrel. US West Texas Intermediate (WTI) crude gained 83 cents, or 1%, to $86.59 a barrel.
The latest gains came after oil prices surged in the previous session, with Brent climbing 2.7% and WTI rising 2.8%—the strongest daily increases for both benchmarks in about a week.
Rising Risk of Conflict and Strait of Hormuz Disruptions
The latest increase followed US President Donald Trump’s threat on Monday to launch further military action against Iran.
Market analyst Tim Waterer said the prospect of additional US military action has significantly increased the risk of an Iranian retaliation. This has raised concerns over potential damage to energy infrastructure across the Persian Gulf and disruptions to shipping through the Strait of Hormuz, one of the world’s most critical oil transit routes.
The Strait of Hormuz has become a major focus for oil markets amid the escalating tensions. Data from shipping information provider Kpler showed that the number of cargo vessels passing through the waterway had fallen to just five a day amid the latest escalation.
The United Kingdom Maritime Trade Operations (UKMTO) also reported that an oil tanker was damaged by three missiles while transiting the strait on Tuesday.
Venezuela Deal Could Help Replenish US Oil Reserves
Amid growing uncertainty in global energy markets, the United States is also stepping up efforts to replenish its Strategic Petroleum Reserve (SPR) through oil deals with Venezuela.
US energy major Chevron, along with several oil companies from India, Italy and Colombia, is reportedly moving toward finalizing agreements in Venezuela.
The US Strategic Petroleum Reserve currently holds around 286.6 million barrels, its lowest level in 44 years.
Oil Prices Seen Staying Above $80
A Reuters survey found that if disruptions to shipping routes and the broader Middle East military crisis are not resolved, global oil prices could remain above an average of $80 a barrel throughout 2026.
The latest price movements underscore the sensitivity of global energy markets to geopolitical developments in the Middle East, particularly any threat to the uninterrupted flow of oil through the Strait of Hormuz.
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