Oil prices extended gains on Tuesday as geopolitical risks intensified across the Middle East. Tehran threatened retaliation against new U.S. asset strikes, severely heightening market anxieties over potential crude supply disruptions.
According to market data, Brent crude futures climbed 49 cents to reach $97.49 a barrel by 0400 GMT. Simultaneously, U.S. West Texas Intermediate advanced $1.44 to trade at $92.92 per barrel.
The sharp upward pressure follows a violent weekend of tit-for-tat maritime engagements near the Strait of Hormuz. U.S. forces struck multiple Iranian oil tankers near key export hubs following regional skirmishes, triggering immediate supply jitters.
Shipping analytics indicate that vessel traffic through the critical Persian Gulf chokepoint has plunged to multi-month lows. Major financial institutions have responded by revising their commodity forecasts upward, warning of prolonged energy shortages.
