West Texas Intermediate (WTI) crude futures climbed above the $80 per barrel mark on Tuesday, extending a sharp rally driven by the United States' decision to reimpose a naval blockade on Iran.
The move marks the highest level for the benchmark in four weeks, as traders price in the immediate risk to global supply chains following the resumption of hostilities between Washington and Tehran.
Brent crude also advanced, building on Monday's surge to $82.
Brent crude also advanced, building on Monday's surge to $82.30.
The broader energy complex is reacting to the abrupt end of the ceasefire, which has reignited fears of disruptions in key shipping lanes.
The repricing reflects a shift from diplomatic uncertainty to active conflict, with markets assessing the potential for sustained export bottlenecks.
The escalation follows a period of volatility where energy prices had already begun to climb on geopolitical tensions.