Brent crude futures climbed to $72.25 a barrel, while US West Texas Intermediate (WTI) rose to $69.72, as markets digested reports of renewed military strikes between the United States and Iran.
The escalation has quickly reversed the sentiment shift seen earlier in the week, when stranded tankers resumed transit through the Strait of Hormuz, temporarily easing immediate supply fears.
The move pushes Brent firmly back above the psychological $70 threshold, signaling that the market’s risk appetite remains fragile amid ongoing conflict.
The price action reflects a rapid repricing of geopolitical risk.
Investors are once again weighing the potential for sustained disruptions to Middle Eastern crude exports, a concern that had abated as shipping routes stabilized.
The move pushes Brent firmly back above the psychological $70 threshold, signaling that the market’s risk appetite remains fragile amid ongoing conflict.
This development marks a significant shift from the previous day’s narrative, where the focus was on the logistical resolution of tanker blockages.