Global oil prices climbed around 2 per cent to their highest level in four weeks as the military confrontation between the United States and Iran intensified, fuelling fresh concerns over energy supplies and the security of shipping through the Strait of Hormuz.
Brent crude futures rose $1.68, or 2 per cent, to $84.98 a barrel, while US West Texas Intermediate (WTI) crude gained $1.65, or 2.1 per cent, to trade at $79.79 a barrel. The rally comes after Brent surged 9.6 per cent in Monday’s session, marking its biggest single-day gain since May 2020, as traders reacted to escalating military exchanges and mounting risks to global oil flows through the Gulf.