Brent crude traded at $85.02 a barrel at 11:44 a.m. EDT, up 2.06% from Monday's close after reaching $87.39 earlier on Tuesday.

Brent crude climbed above $78 and WTI gained over 3% as escalating Iran-US tensions and threats to Strait of Hormuz shipping raised global supply concerns.

Crude oil prices soared nearly 5% on July 13, with Brent nearing $80 per barrel, as escalating US-Iran strikes fueled market volatility and supply concerns.