Stocks Market
Oil Prices Surge Over 2% Amid Rising US‑Iran Tensions
Oil markets continued their upward march on Tuesday as geopolitical uncertainty in the Middle East intensified. Brent and WTI crude both jumped more than 2 %, reaching the highest levels seen since the end of July, while traffic through the strategic Strait of Hormuz slowed sharply, underscoring the impact of escalating US‑Iran diplomatic friction.
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Oil markets kept climbing on Tuesday, driven by persistent geopolitical uncertainty in the Middle East. The benchmark crude rose more than 2 % to hit its highest level since July 31.
Oil market remains under pressure
With diplomatic hopes between Washington and Tehran fading, the barrel price kept climbing. Recent statements from President Donald Trump demanding compensation from Iran added complexity, making the reopening of the Strait of Hormuz more difficult.
Benchmark prices at weekly highs
- Brent crude up 2.19 % to $89.64 per barrel.
- U.S. West Texas Intermediate (WTI) up 2.33 % to $84.04 per barrel.
These levels represent the highest in more than a week, extending the more than 5 % rally recorded in the previous session.
Energy flows under strain
The strategic Strait of Hormuz, a key oil transit route, is seeing reduced traffic. Maritime data show only six vessels on Monday, well below the usual ten‑to‑eleven ships over a ten‑day period.