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Global crude oil prices rose nearly 2% on Tuesday, pushing benchmark prices to their highest level in a month as renewed Middle East tensions fuelled concerns over energy supplies.
As of 12:51 GMT, Brent crude rose 2% to $84.98 a barrel, while US West Texas Intermediate (WTI) gained 2.1% to $79.79 a barrel, Reuters reported.
The rally followed renewed hostilities between the United States and Iran, including Washington’s reinstatement of a naval blockade on Iran and heightened military activity around the Strait of Hormuz, a vital global oil shipping route.
Investor concerns deepened after two UAE oil tankers were reportedly hit by Iranian cruise missiles, while the conflict also expanded with fresh US strikes in Iran and Houthi missile attacks targeting Saudi Arabia.
Analysts said the escalating tensions have increased fears of supply disruptions, driving oil prices higher.
