Brent crude rises to $105.25 per barrel while US WTI reaches $96.93 as reported military action near the Strait of Hormuz revives concerns over global oil supplies.
Global oil prices increased during early trading on Tuesday after reports of a US military strike on Iran’s Qeshm Island renewed concerns about escalating tensions in the Middle East and potential disruptions to international energy supplies.
Both major crude oil benchmarks recorded gains of around 0.5% following the reported attack, reversing part of the losses recorded during the previous trading session.
At 6:04 a.m. Pakistan Standard Time, Brent crude futures rose by 48 cents, or 0.5%, to reach $105.25 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures gained 47 cents, also representing a 0.5% increase, to trade at $96.93 per barrel.
The latest gains followed a significant decline in international oil prices on Monday. Brent crude had dropped by $8.66, or 7.63%, to close at $104.77 per barrel, reflecting substantial downward movement in the global energy market.
However, reports of the US military action against targets on Iran’s Qeshm Island have brought geopolitical risks back into focus, particularly concerns about the security of oil shipments passing through the strategically important Strait of Hormuz.
Located between Iran and Oman, the Strait of Hormuz is one of the world’s most important maritime routes for transporting crude oil and petroleum products. Any escalation of military tensions in the surrounding region could threaten shipping operations, increase transportation costs and create uncertainty among international energy traders.
Market participants are closely monitoring developments between Washington and Tehran, as further military confrontation could place additional upward pressure on international crude oil prices.
The reported strike has also raised questions about the future of diplomatic engagement between the two countries. US President Donald Trump has recently indicated that reaching a possible agreement with Iran remains an option, despite continuing tensions.
The situation has added uncertainty to an already sensitive energy market, where geopolitical developments can influence oil prices through concerns about production, transportation and the reliability of international supply routes.
Although Tuesday’s gains were relatively modest, the increase highlighted how quickly developments in the Middle East can affect global energy markets.
Investors and oil traders will continue watching developments in the Gulf, particularly the security situation around the Strait of Hormuz, as any disruption to shipping through the waterway could have wider implications for international crude oil supplies and prices.
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