Brent Crude Tops $102

Brent crude climbed toward $92 per barrel on Tuesday, extending gains from the previous session as renewed hostilities in the Middle East raised concerns about further disruptions to energy flows from the region. US forces targeted two Iranian rocket launchers on Larak Island, while Tehran responded with attacks on the UAE and Jordan, marking a resumption of hostilities between the US and Iran after roughly a month of relative calm. President Donald Trump also extended military threats to Kharg Island, Iran’s key oil export hub. Meanwhile, oil shipments continue to pass through the Strait of Hormuz, with major Gulf producers including the UAE, Saudi Arabia, Kuwait, and Iraq still exporting some volumes. However, a supertanker caught fire in the strait after hitting two naval mines, underscoring the persistent risks facing Hormuz shipping. Elsewhere, refinery strikes in Russia have further tightened global refining capacity, driving refined-product margins to fresh highs.

Brent crude oil climbed above $90 a barrel on Monday as tensions escalated in the Middle East. US forces struck two Iranian rocket launchers on Larak Island, marking a return to combat between the US and Iran after roughly a month. President Trump reportedly said, “We’re going to hit them very hard,” after Iran said it attacked two US bases in Jordan in response. Trump also extended military threats to Kharg Island, Iran’s main oil export terminal. Strikes on refineries in the Middle East and Russia have further constrained global refining capacity, pushing refined-product margins to new highs. The US SPR has been drawn close to minimum operational levels amid increased crude exports. Meanwhile, a supertanker caught fire after hitting two naval mines in the southern Strait of Hormuz, according to Iranian state media. Asian importers, including China, Japan and South Korea, have turned to suppliers as far away as Argentina to offset supply losses from the Middle East.

Brent crude oil climbed above $90 a barrel on Monday as tensions escalated in the Middle East, with the US and Iran exchanging strikes for the first time in roughly a month and concerns growing over the security of the Strait of Hormuz. US forces targeted Iranian military assets after detecting preparations to deploy mines in the waterway, while Iran responded with missile and drone attacks on US facilities in Jordan. Iranian media also reported that a tanker had struck two mines and that authorities seized a bulk carrier near Bandar Abbas, although US Central Command said no vessels had hit mines in Hormuz. The developments have heightened fears that further military escalation could disrupt shipping and tighten global energy supplies. Brent is now around 3% higher in August, following a 20.5% surge in July. Despite the risks, an estimated 6–8 million barrels of crude continue to transit Hormuz daily, mainly from other Gulf producers.