Brent crude futures climbed to their highest level in four weeks on Tuesday, extending a sharp rally triggered by renewed military confrontation between the United States and Iran.
The price surge reflects growing market anxiety over potential disruptions to global energy supplies, particularly through the strategically vital Strait of Hormuz.
The move follows a volatile session on Monday, when crude oil futures jumped more than 4% after reports emerged of direct military attacks between the two nations.
The move follows a volatile session on Monday, when crude oil futures jumped more than 4% after reports emerged of direct military attacks between the two nations.
That initial spike marked the largest two-day percentage gain for oil markets in four months, underscoring the severity of the geopolitical shock.
Traders are now assessing the duration and scale of the conflict, with shipping routes in the Persian Gulf remaining a focal point for risk assessment.
The Strait of Hormuz remains the critical chokepoint in this scenario, handling a significant portion of global oil exports.