Global oil prices rose on Tuesday as renewed fighting between the United States and Iran increased fears of supply disruptions in the Middle East, particularly through the Strait of Hormuz.

Brent crude futures gained 56 cents, or 0.6%, to reach $91.50 per barrel. US West Texas Intermediate (WTI) crude rose 83 cents, or 1%, to $86.59 per barrel, while Murban crude was trading at $98.45 per barrel.

US-Iran Tensions Raise Supply Fears

The latest gains followed a sharp rise in the previous session. Brent jumped 2.7%, reaching its highest level since August 25 during trading, while WTI climbed 2.8% to close at its highest level since August 21.

Tensions escalated after US President Donald Trump threatened further attacks against Iran. Markets are closely watching the possibility of Iranian retaliation, which could damage energy infrastructure across the Gulf and disrupt shipping through the Strait of Hormuz.

Hormuz Traffic Faces Disruption

Shipping data showed that visible commercial vessels passing through the strategic waterway had fallen to only five per day by the end of last week. The Strait of Hormuz is a critical route for nearly one-fifth of global oil supplies.

Diplomatic efforts by Qatar and Oman are underway to reopen the waterway, but no major breakthrough has been reported. Iran closed the passage after US and Israeli attacks on February 28.

Tanker Attack Adds to Market Concerns

The UK Maritime Trade Operations agency reported that an oil tanker was targeted by three missile-like objects while leaving the Strait of Hormuz on Tuesday. No casualties or environmental pollution were reported.

Analysts surveyed by Reuters expect oil prices to remain above $80 per barrel during 2026 if shipping disruptions continue.