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Oil prices climbed on Tuesday as escalating Iran-U.S. tensions reduced hopes for a permanent Middle East ceasefire, raising concerns over global energy supplies and continued disruptions through the Strait of Hormuz.
Brent crude futures gained 27 cents, or 0.3%, to $91.14 a barrel by 0003 GMT after reaching their highest level since July 30 on Monday. U.S. West Texas Intermediate (WTI) crude rose 42 cents to $85.04 per barrel, having earlier climbed more than 1% to $85.37, its highest since July 31.
Market sentiment deteriorated after a senior Iranian official said Tehran would adopt a “fully offensive” military posture as negotiations aimed at permanently ending the conflict with the United States stalled. Washington has also ruled out extending the temporary ceasefire agreement.
The conflict, which began with U.S. and Israeli attacks on Iran on February 28, has severely affected shipping through the Strait of Hormuz, one of the world’s most important oil transit routes. According to Kpler ship-tracking data, only five commodity vessels crossed the strait on Saturday and none were registered on Sunday, compared with 31 during the previous weekend.
KCM chief market analyst Tim Waterer said oil prices were being supported by deteriorating U.S.-Iran relations and the lack of progress toward reopening Hormuz to normal shipping traffic.
Supply risks have also intensified around the Bab el-Mandeb strait after Yemen’s Houthis said they attacked a Saudi military ship and four escort vessels in the Red Sea with missiles. Disruptions at both strategic waterways are adding to concerns over crude oil and fuel shipments.
Iran, meanwhile, has been negotiating with Oman over an agreement to manage the Strait of Hormuz and has indicated that a deal may be close. However, tensions increased after U.S. President Donald Trump threatened military action against Oman. Reports of back-channel discussions between Trump and Iran’s Islamic Revolutionary Guard Corps provided a limited sign that diplomacy could still resume.
Adding support to crude prices, a preliminary Reuters poll indicated that U.S. crude oil inventories and refined product stockpiles likely declined last week, reinforcing expectations of tighter near-term supply.
