Oil prices climbed on Tuesday after U.S. President Donald Trump threatened further military action against Iran, reigniting concerns over crude supply from the Middle East. Brent crude rose to $91.48 per barrel, while West Texas Intermediate (WTI) traded at $86.97, with both benchmarks gaining more than $1 from the previous session.
The latest price increase came after Trump warned from the Oval Office that the United States was prepared to take further action against Iran if necessary. His comments followed a fresh exchange of fire between the two sides, raising fears that renewed conflict could disrupt energy supplies from the oil-rich Persian Gulf.
Attention is also turning to the Strait of Hormuz, one of the world’s most important oil shipping routes. Tanker activity through the waterway remains well below normal levels, with shipping data indicating that oil flows have fallen sharply from pre-conflict levels. Analysts warned that any further escalation could put additional pressure on crude shipments and push oil prices even higher.
Market concerns are growing as global oil supply buffers begin to shrink. U.S. inventories are approaching low levels, while China’s ability to maintain lower crude imports could be tested as seasonal demand increases. Analysts said the combination of stronger demand and continued uncertainty around Middle East supplies could leave the global oil market increasingly vulnerable to further disruptions.
The pressure is even more visible in the diesel market, where supplies are already tight. Russia has extended its diesel export ban through the end of September amid continued attacks on its refineries, while Middle Eastern diesel exports are being affected by disruptions around the Strait of Hormuz and refinery damage. With crude and refined fuel supplies both under pressure, traders and consumers are watching the Middle East closely for signs of whether the latest tensions could trigger another major energy price shock.
source: oilprice
