Oil prices continue to rise on Iran supply concerns
- Brent crude rose 1.3% to $91.67 per barrel and WTI increased 1.48% to $87.03.
- Renewed U.S.-Iran fighting increased concerns about potential oil supply disruptions in the Middle East.
- Shipping activity through the Strait of Hormuz remained below normal levels amid ongoing security risks.
Oil prices increased on Tuesday as renewed fighting between the United States and Iran raised concerns about potential supply disruptions from the Middle East, a major crude-producing region.
Brent crude futures rose $1.18, or 1.3%, to $91.67 a barrel, while U.S. West Texas Intermediate crude futures increased $1.27, or 1.48%, to $87.03.
The increase followed renewed tensions after U.S. President Donald Trump threatened additional strikes against Iran, while efforts by Qatar and Oman to reopen the Strait of Hormuz remained inconclusive.
Shipping data showed visible commodity vessel traffic through the Strait of Hormuz remained at about five ships per day on Monday, below the 10-day average of around 14 ships.
The Strait of Hormuz previously carried about one-fifth of global oil supplies before the conflict began, making shipping activity through the route a key factor for energy markets.
Analysts said oil market support could continue as supply buffers decline, with U.S. inventories approaching lower levels and global oil flows through the Strait of Hormuz remaining below previous levels.
