Oil Prices Surge Amid Uncertainty Over Strait of Hormuz Reopening

Oil prices continued their upward trend on Tuesday, extending their winning streak to a third day. Brent crude futures rose by 35 cents or 0.39% to $91.22 per barrel, while US West Texas Intermediate crude climbed 81 cents or 0.96% to $85.31 per barrel.

The increase in oil prices came amid growing uncertainty over the diplomatic efforts to halt the conflict and reestablish regular transit through the Strait of Hormuz. The absence of a definitive date for the waterway's full reopening has kept market participants alert to the possibility of extended supply shortfalls.

A ship traveling outbound through the Strait of Hormuz was hit by an unidentified projectile, resulting in damage to the engine room and an injury to a crew member. This incident highlights the ongoing risks to tanker passage through Hormuz, which could lead to sustained supply constraints and tighter global crude availability.