Oil prices rose for the third consecutive day on Tuesday, as concerns grew over Middle East supply disruptions due to the escalating U.S.-Israeli conflict with Iran and threats to target maritime navigation through the Strait of Hormuz.
By 05:40 GMT, Brent crude futures rose 3.3% to $80.39 per barrel. In the previous session, crude rose to $82.37, its highest level since January 2025, but pared those gains at settlement to close up 6.7%.
U.S. West Texas Intermediate (WTI) crude increased by 2.8% to $73.23 per barrel. A day earlier, U.S. crude initially rose to its highest level since June 2025 before retreating at settlement to end up 6.3%.
