Brent Hits 13-month High

Brent increased to 82.08 USD/Bbl, the highest since January 2025. Over the past 4 weeks, Brent Crude Oil gained 17.84%, and in the last 12 months, it increased 15.22%.

Brent crude rose more than 5% to $82 per barrel on Tuesday, touching its highest level since January 2025, as traders tracked escalating hostilities in the Middle East and mounting risks of a full shutdown of the Strait of Hormuz. Trump said the US would do “whatever it takes” when asked how long the war with Iran could persist. A senior US official also reportedly indicated that the US was preparing a significant escalation in strikes on Iran within the next 24 hours, targeting its missile production, drones and naval assets. Meanwhile, a high-ranking Iranian official warned that ships attempting to transit the strait could be targeted. Tanker flows through the Strait of Hormuz, a vital chokepoint accounting for roughly one-fifth of global oil shipments, have effectively stalled amid heightened security risks. Saudi Aramco also temporarily suspended operations at its Ras Tanura refinery, the kingdom’s largest, while evaluating damage after a drone strike hit the facility.

Brent crude futures surged more than 8% to approach $79 a barrel on Monday, the highest level since January 2025, amid escalating tensions in the Middle East and concerns over potential disruptions in the Strait of Hormuz, a critical chokepoint that handles roughly one-fifth of global oil shipments. Shipping companies have begun rerouting vessels away from the narrow waterway as a precaution. The spike in prices followed a series of strikes by the US and Israel on Iran, which prompted retaliatory attacks by Tehran against regional targets. Saudi Aramco temporarily halted operations at its Ras Tanura refinery, the kingdom’s largest, while assessing damage after a drone attack targeted the facility. Meanwhile, OPEC+ on Sunday agreed to raise output by 206,000 barrels per day in April, ending a three-month pause. However, this increase fell short of the 411,000–548,000 barrels per day that had been under previous consideration, keeping the market on edge amid geopolitical uncertainty.