Brent crude futures for September 2026 delivery climbed more than 8% on the London International Futures Exchange (ICE), reaching $91.06 per barrel by 6:00 p.m.
The sharp upward move reflects intensifying market anxiety over the escalating military conflict between the United States and Iran, which has reignited fears of a potential supply disruption in the Middle East.
08% on Monday amid reports of Iran expanding military strikes on Gulf states.
The price surge marks a significant acceleration from earlier in the week, when Brent had already climbed 3.08% on Monday amid reports of Iran expanding military strikes on Gulf states.
The current session's volatility underscores the market's sensitivity to geopolitical developments in the region, with traders pricing in the risk of broader conflict affecting key shipping routes and production facilities.
This development follows a period of heightened tension, including previous reports of US-Saudi strikes in Iraq that had already reignited supply fears.
The rapid escalation suggests that market participants are increasingly concerned about the potential for a sustained disruption to global oil flows, particularly given the strategic importance of the Strait of Hormuz and surrounding infrastructure.