Global oil prices surged to their highest level in a month on Tuesday as renewed fighting between the United States and Iran intensified concerns over the security of the Strait of Hormuz, one of the world's most important oil shipping routes.
Brent crude, the international benchmark, climbed as much as 3.8 percent to reach $85.92 per barrel, extending gains after rising nearly 10 percent the previous day. The increase comes as fears grow that escalating military tensions could disrupt global energy supplies.
The latest price rally follows three consecutive days of US military strikes on Iranian targets. Washington said the operations were aimed at preventing attacks on commercial shipping and civilians in the Strait of Hormuz.
In response, Iran's Islamic Revolutionary Guard Corps (IRGC) claimed responsibility for attacks on two oil supertankers and launched missile and drone strikes targeting US military facilities in Kuwait and Bahrain.
The conflict has significantly reduced shipping activity through the strategic waterway. According to shipping data, only 57 vessels transited the Strait of Hormuz between Friday and Sunday, compared with around 130 daily crossings before the conflict escalated.
Market analysts warned that continued hostilities could push oil prices even higher. Some experts believe crude oil could rise to $100 per barrel if supply disruptions worsen or shipping through the Strait of Hormuz remains restricted.
The US government has assured global markets that the waterway remains open, stating that military escorts are helping ensure the continued flow of oil despite heightened security risks.
The Strait of Hormuz is a vital global energy corridor, carrying a significant share of the world's seaborne crude oil exports. Any prolonged disruption is expected to have a major impact on international energy markets and fuel prices.
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