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Oil prices moved higher during Asian trading on Tuesday as geopolitical tensions between the United States and Iran continued to weigh on global energy markets. The ongoing stalemate over the Strait of Hormuz, a critical oil shipping route, has heightened concerns about supply disruptions and supported crude prices.
Brent crude futures climbed 1% to $109.34 per barrel, while West Texas Intermediate (WTI) crude gained 0.9% to reach $97.28 per barrel. This follows a strong rally in the previous session, where both benchmarks surged between 2% and 3%, driven by fears of tightening oil supply.
Recent reports indicate that U.S. President Donald Trump remains dissatisfied with Iran’s proposal to reopen the Strait of Hormuz. While Tehran reportedly suggested resuming access to the vital passage, the proposal included delaying discussions on its nuclear program—an issue that remains a top priority for Washington. The U.S. has consistently emphasized halting Iran’s nuclear enrichment activities and preventing potential weapon development, making the postponement a major sticking point.
The Strait of Hormuz remains largely closed, significantly restricting global oil flows and sustaining upward pressure on prices. Meanwhile, the U.S. naval blockade on Iran continues, further limiting the country’s oil exports. Attempts to restart negotiations, including Pakistan-mediated talks, have stalled, leaving the outlook for diplomatic progress uncertain.
Adding to supply concerns, U.S. Treasury Secretary Scott Bessent warned that Iran’s oil industry could face a severe downturn due to the blockade. With exports constrained and storage capacity nearing its limits, Iran may be forced to reduce production significantly. Reports also suggest the country could soon experience gasoline shortages as the situation intensifies.
Investors are also closely watching upcoming central bank meetings in the U.S. and Japan, as rising oil prices may contribute to inflationary pressures. Overall, the combination of geopolitical risks and constrained supply continues to drive volatility in global oil markets.
