Brent rises toward $91 as Middle East supply risks persist
Brent crude climbed toward $91 per barrel on Tuesday, extending the prior session’s gains. Renewed US-Iran hostilities raised concerns for energy flows, while Hormuz shipping risks and Russia refinery strikes added pressure via tighter refining capacity.
Brent crude climbed toward $91 per barrel on Tuesday, extending gains from the previous session as renewed fighting in the Middle East stoked concern about possible disruption to regional energy flows. US forces hit two Iranian rocket launchers on Larak Island, and Tehran answered with attacks on the UAE and Jordan, marking a resumption of hostilities between the US and Iran after about a month of relative calm. President Donald Trump also extended military threats to Kharg Island, Iran's key oil export hub.
Oil shipments are still moving through the Strait of Hormuz, with major Gulf producers including the UAE, Saudi Arabia, Kuwait and Iraq continuing to export some volumes. A supertanker caught fire in the strait after striking two naval mines, highlighting ongoing risks to shipping through Hormuz. Separately, refinery strikes in Russia have tightened global refining capacity and pushed refined-product margins to fresh highs.