Brent crude prices climbed to their highest level in six weeks on Tuesday, driven by a sharp escalation in geopolitical tensions between the United States and Iran.
The rally was triggered by comments from US President Donald Trump, who downplayed the prospect of renewed peace talks with Tehran and explicitly threatened to destroy Iranian nuclear sites.
The remarks injected fresh uncertainty into global energy markets, which are already grappling with severe supply chain bottlenecks in the Middle East.
The price surge reflects growing investor anxiety over the potential for a broader conflict that could disrupt critical oil transit routes.
The Strait of Hormuz, through which roughly a fifth of the world’s oil supply passes, has seen a marked decline in visible tanker traffic in recent days.
Simultaneously, shipping disruptions in the Red Sea have intensified, with vessels executing unusual maneuvers to avoid threats from Houthi rebels, who have been instructed by Iran to stand ready to close the waterway.