US-Iran Conflict Drives Brent Crude Oil Prices to Five-Week High
Brent crude oil prices surged $5.34 per barrel in two trading sessions as renewed fighting between the US and Iran revived concerns over oil supply from the Middle East.
The global benchmark settled at $94.65 per barrel on Tuesday, up 4.6% during the session, marking its highest closing level since July 24.
U.S. West Texas Intermediate crude also strengthened sharply, rising 5.2% to settle at $90.22 per barrel, its strongest close since July 23.
The gains were driven by concerns that the conflict could disrupt energy movements through the region, particularly in the Strait of Hormuz, where about one-fifth of global oil consumption is handled.
Despite the security risks, crude continues to move through the waterway, with U.S. Energy Secretary Chris Wright reporting 17 million barrels of oil crossed the Strait on Monday, the highest daily volume since the Iran war reduced flows.