Oil prices have risen for a third day as the widening US-Israeli conflict with Iran and threats to shipping through the Strait of Hormuz heightened fears of supply disruptions, reports Al Jazeera.
Brent crude future were at $79.44 a barrel, up $1.70 or 2.2 percent, by 04:00 GMT on Tuesday, the Reuters news agency reported.
On Monday, the contract surged to as high as $82.37, its highest since January 2025, though it pared those gains to settle 6.7 percent higher.
US West Texas Intermediate crude also jumped $1.17 or 1.6 percent, to $72.40 a barrel. In the previous session, the contract initially climbed to its highest since June 2025 before sliding back to still settle up 6.3 percent.
“With no quick de-escalation in sight, the Strait of Hormuz effectively closed and Iran showing a willingness to target energy infrastructure in the region, upside risks remain and they grow the longer the conflict drags on,” Tony Sycamore, IG market analyst, was quoted by Reuters as saying.
The escalating Iran–US conflict and widening Iran–Israel war have raised alarm over rising civilian casualties and potential regional instability. Human rights groups warn that continued air strikes could further worsen the humanitarian situation.
Bd-pratidin English/TR
