Brent crude oil prices climbed more than 4% on Tuesday to their highest level in nearly a month as renewed tensions between the United States and Iran raised fears of disruptions to global oil supplies.
Brent crude rose to $86.66 per barrel, gaining 4.03% from the previous session, as traders reacted to fresh concerns over shipping activity through the Strait of Hormuz, one of the world’s most important oil transit routes.
The latest increase followed a 9.6% jump on Monday, as markets adjusted to the collapse of the recent U.S.-Iran truce and growing uncertainty over the security of energy flows from the Middle East.
The United Arab Emirates said two of its tankers were hit while passing through the Strait of Hormuz, intensifying concerns among traders that further attacks could disrupt one of the busiest routes for global oil shipments.
The United States has also resumed its blockade on Iranian oil exports, launched new strikes against Iran and proposed charging vessels receiving protection from the U.S. Navy, further increasing geopolitical risks around the region.
Supply concerns were also heightened after Saudi Arabia intercepted missiles launched by Yemen’s Houthi rebels, while Washington moved to tighten sanctions on Russian energy exports.
The Strait of Hormuz remains a key focus for oil markets because a significant share of global crude shipments passes through the narrow waterway. Any prolonged disruption could push prices higher and increase inflation pressures worldwide.
Despite the latest gains, analysts say the sustainability of the rally will depend on whether the current tensions lead to actual supply disruptions or remain a temporary risk premium in oil prices.
Brent crude has risen 4.19% over the past month and is now 26.12% higher than the same period last year, according to market data tracking benchmark crude contracts.