Oil prices rose for a third day on Tuesday as the widening US-Israeli conflict with Iran and threats to shipping through the Strait of Hormuz heightened fears of supply disruptions from the key Middle East producing region.
Brent crude futures were at $79.44 a barrel, up $1.70, or 2.2 per cent, by 0400 GMT.
On Monday, the contract surged to as high as $82.37, its highest since January 2025, though it pared those gains to settle 6.7pc higher.
US West Texas Intermediate crude jumped $1.17, or 1.6pc, to $72.40 a barrel. In the previous session, the contract initially climbed to its highest since June 2025 before sliding back to still settle up 6.3pc.
“With no quick de-escalation in sight, the Strait of Hormuz effectively closed and Iran showing a willingness to target energy infrastructure in the region, upside risks remain and they grow the longer the conflict drags on,” Tony Sycamore, IG market analyst, said in a note.
