Brent Crude Hits $91 as Tensions with Iran Escalate Shipping Risks
Oil prices rose on Tuesday as tensions between the US and Iran escalated, raising concerns over potential disruptions to energy infrastructure and crude shipments from the Middle East. Brent crude futures gained 56 cents, or 0.6 per cent, to $91.05 a barrel at 0044 GMT.
The increase followed a strong previous session, with Brent settling 2.7 per cent higher after touching its highest level since August 25. US West Texas Intermediate (WTI) crude also rose, gaining 83 cents, or 1 per cent, to $86.59 a barrel.
US President Donald Trump's threat of further strikes against Iran has renewed geopolitical risks in the conflict, which had recently shifted towards an economic standoff. The Strait of Hormuz remains constrained, with shipping activity down to five visible commodity vessels per day over the weekend.