SINGAPORE: Oil prices rose for a third day on Tuesday as the widening US-Israeli conflict with Iran and threats to shipping through the Strait of Hormuz heightened fears of supply disruptions from the key Middle East producing region.
Brent crude futures were at $79.44 a barrel, up $1.70, or 2.2 percent, by 07:00 am Saudi time. On Monday, the contract surged to as high as $82.37, its highest since January 2025, though it pared those gains to settle 6.7 percent higher.
US West Texas Intermediate crude jumped $1.17, or 1.6 percent, to $72.40 a barrel. In the previous session, the contract initially climbed to its highest since June 2025 before sliding back to still settle up 6.3 percent.
“With no quick de-escalation in sight, the Strait of Hormuz effectively closed and Iran showing a willingness to target energy infrastructure in the region, upside risks remain and they grow the longer the conflict drags on,” Tony Sycamore, IG market analyst, said in a note.
The US and Israeli air war against Iran widened on Monday with Israel attacking Lebanon and Iran responding with strikes against energy infrastructure in Gulf countries and against tankers in the Strait of Hormuz.
