Brent Crude Oil Surges Amid US-Iran Conflict

The price of Brent crude oil rose by $5.34 per barrel over two trading sessions due to renewed fighting between the United States and Iran, which has revived concerns about oil supply disruptions from the Middle East.

Brent settled at $94.65 per barrel on Tuesday, up $4.16, or 4.6 percent during the session. The benchmark gained approximately 5.98 percent from its value at the end of last week, when it was trading at $89.31 per barrel.

U.S. West Texas Intermediate crude also strengthened sharply, rising $4.46, or 5.2 percent on Tuesday to settle at $90.22 per barrel.

The Strait of Hormuz, a strategic waterway where disruptions have already restricted energy supplies during the six-month conflict, is once again under scrutiny as geopolitical risk returns to oil pricing.