WTI crude oil prices continued their upward trajectory on Tuesday, extending a sharp rally that has seen the benchmark climb significantly over the past two days.
The move comes as market participants remain on edge regarding shipping disruptions in the Middle East, particularly around the Strait of Hormuz.
4% jump in WTI prices earlier in the week, which pushed the benchmark to $78.
Brent crude also traded higher, tracking WTI’s gains as supply concerns weighed on sentiment.
The price action reflects ongoing anxiety about potential bottlenecks in global oil flows, with traders closely monitoring reports of naval activity and tanker movements in the region.
The rally follows a 9.4% jump in WTI prices earlier in the week, which pushed the benchmark to $78.14 per barrel.
That surge was triggered by the implementation of a US naval blockade on Iran, a development that has heightened fears of supply interruptions.