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 hostilities in the Middle East raised concerns about further disruptions to energy flows from the region.
US forces targeted two Iranian rocket launchers on Larak Island, while Tehran responded with attacks on the UAE and Jordan, marking a resumption of hostilities between the US and Iran after roughly a month of relative calm.
President Donald Trump also extended military threats to Kharg Island, Iran’s key oil export hub.
Meanwhile, oil shipments continue to pass through the Strait of Hormuz, with major Gulf producers including the UAE, Saudi Arabia, Kuwait, and Iraq still exporting some volumes.
However, a supertanker caught fire in the strait after hitting two naval mines, underscoring the persistent risks facing Hormuz shipping.
Elsewhere, refinery strikes in Russia have further tightened global refining capacity, driving refined-product margins to fresh highs.