Global crude oil prices climbed again following recent U.S. military strikes on Iran, reversing part of the sharp decline seen in the previous trading session when Brent crude had fallen nearly 7 percent.
On Tuesday, international oil markets saw Brent crude prices rise by nearly 2 percent. Market analysts said uncertainty surrounding a final ceasefire agreement between the United States and Iran has increased investor anxiety, affecting global energy markets.
Brent crude rose by $1.40, or around 1.5 percent, to reach $97.56 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude was trading at $91.25 per barrel. Despite the rebound, WTI prices remain roughly 5.5 percent lower compared to Friday’s levels.
U.S. Central Command said American forces carried out strikes on missile launch sites and mine-laying boats in southern Iran. According to the U.S. military, the operation was conducted to ensure the safety of American troops in the region.
Iranian media also reported explosions Monday near Bandar Abbas and coastal areas close to the Strait of Hormuz.
Since the conflict began, Iran has effectively restricted non-Iranian shipping movement across parts of the Gulf region, disrupting nearly one-fifth of global oil and gas supplies. Analysts estimate that energy prices have surged by more than 50 percent since the start of the crisis.
Amid growing tensions, Iran’s top negotiator and foreign minister met in Doha, Qatar, on Monday to discuss a possible peace agreement. Both the United States and Iran have indicated progress toward a memorandum of understanding aimed at ending the conflict.
