Oil prices rose again on Tuesday as escalating tensions between the US, Israel and Iran fueled concerns about major supply disruptions in the Middle East.
The surge follows joint US-Israeli air strikes on Iran over the weekend that killed Iranian Supreme Leader Ayatollah Ali Khamenei, triggering violent retaliation from Tehran.
The instability has put particular strain on the Strait of Hormuz, a vital corridor that handles roughly 20% of the world’s oil and gas shipments.
According to Reuters, Brent crude futures climbed $3.15, or 4.1%, to $80.89 per barrel by 07:45 GMT.
On Monday, Brent hit a high of $82.37 — its strongest level since January 2025 — before closing up 6.7%.
US West Texas Intermediate (WTI) crude also advanced, rising $4.26, or 5.9%, to $75.49 per barrel. In the previous session, it briefly reached its highest point since June 2025 before easing slightly to end the day 6.3% higher.
