Global crude oil prices rallied sharply on Tuesday, posting a 6% gain that erased a three-day losing streak.
The surge was driven by reports that Iranian-backed militias launched drone attacks on oil facilities in Saudi Arabia for a second consecutive day, raising immediate concerns about potential disruptions to global energy supplies.
Brent crude futures climbed to above $89 per barrel, while US West Texas Intermediate (WTI) rose to $84.
Brent crude futures climbed to above $89 per barrel, while US West Texas Intermediate (WTI) rose to $84.
The sharp repricing reflects market anxiety over the physical security of key production hubs in the Gulf region.
This move follows a period of volatility, with crude having recorded its largest two-day percentage gain in four months earlier in the week as geopolitical tensions in the Middle East flared.
The escalation marks a significant intensification of the conflict, moving beyond diplomatic posturing to direct threats against critical energy infrastructure.