Global oil prices rose sharply again amid deepening concerns over supply disruptions linked to the ongoing conflict in the Middle East and heightened risks to shipments through the Strait of Hormuz, market sources reported on Tuesday.
The price of Brent crude oil climbed by more than 3 per cent, trading above $100 per barrel, while U.S. West Texas Intermediate (WTI) benchmarks also saw significant gains as traders factored in the impact of prolonged geopolitical instability on global energy supplies.
Analysts said the recent rebound follows mounting fears that continued conflict, particularly the closure or disruption of the Hormuz shipping corridor, a critical route for about one‑fifth of the world’s oil exports—could keep supply under pressure and sustain elevated prices.
The rebound came despite earlier attempts by some tankers to navigate the strait, illustrating the fragility of energy markets as military tensions persist. A fire from a drone incident at a Gulf energy hub and reports of production cuts in parts of the region also added to upward pressure on crude prices.
Market sources warned that if disruptions continue and flows through the Hormuz strait remain constrained, prices could remain high or climb further, prompting concerns about broader inflationary impacts on energy‑dependent economies.