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Oil prices climbed on Tuesday, extending their weekly gains as renewed US-Iran tensions heightened concerns about crude supply disruptions through the Strait of Hormuz, one of the world’s most important energy shipping routes.
Brent crude futures for October delivery rose 0.4% to $91.27 per barrel after briefly reaching $92. US West Texas Intermediate (WTI) crude futures gained 0.8% to $84.39, having touched $85.01 earlier. Both benchmarks have advanced more than 2% this week.
President Donald Trump said there were no negotiations underway or scheduled with Iran following the expiration of an interim peace agreement. He added that the US naval blockade remained in effect while claiming the Strait of Hormuz was open and water mines had been cleared.
Iran has also denied holding talks with Washington. Tehran has demanded an end to hostilities and the release of frozen Iranian assets before reopening the strait. Iranian officials have meanwhile been working with Oman on a framework for managing the strategic waterway.
Shipping activity through the Strait of Hormuz has fallen sharply amid fears of Iranian attacks. Kpler data showed only three confirmed crossings on Sunday, while total crossings dropped 19.5% to 95 last week. Before the conflict, more than 130 vessels reportedly passed through the strait each day.
Security concerns intensified Tuesday after the United Kingdom Maritime Trade Operations agency reported that a vessel traveling outbound through the strait was hit by an unidentified projectile. The incident damaged the ship’s engine room and resulted in a crew casualty.
Separately, the United Arab Emirates said it detected two ballistic missiles approaching from Iran before they fell into the sea.
With shipping traffic constrained and tensions between Washington and Tehran showing little sign of easing, traders remain focused on potential disruptions to Middle Eastern oil exports. Any further escalation around the Strait of Hormuz could increase volatility in Brent and WTI crude prices and reinforce concerns over global energy supplies.
