Global crude oil benchmarks extended their multi-day rally on Tuesday, driven by persistent supply disruption fears and escalating geopolitical friction in key producing regions.
Brent crude futures rose 0.4% to $91.20 a barrel, marking a third consecutive daily gain. Concurrently, West Texas Intermediate (WTI) crude futures gained 0.5% to trade near $84.20 a barrel.
The price surge comes as market participants price in heightened geopolitical risks following the expiration of critical diplomatic frameworks in the Middle East. The resulting uncertainty has raised global supply constraints.
Adding momentum to the rally, lingering risks around critical maritime transit routes—notably draft transit restrictions surrounding the Strait of Hormuz—have kept energy markets on edge.
Traders remain focused on supply vulnerabilities, balancing geopolitical risk premiums against broader macroeconomic indicators, including multi-decade highs in global bond yields that continue to weigh on wider financial market stability.
