Brent Crude Oil Rebounds by Over 3%

Brent crude oil futures jumped more than 3% to $103.3 per barrel on Tuesday, recovering from a 2.8% drop the day before, as Iran continued attacks on energy infrastructure across the Middle East and Israel reported killing senior Iranian officials. Operations at the Shah gas field in the UAE were suspended, and an Iraqi oil field was also struck by drones and missiles. Loadings from Fujairah were again halted, further straining global supply as the war enters its third week and the near-complete closure of the Strait of Hormuz starts affecting consumers. Oil has surged over 40% since the conflict began, though prices eased on Monday ahead of the first US emergency reserve release. President Trump said Washington is focused on degrading Tehran’s ability to threaten international shipping and urged other nations to help secure the Strait of Hormuz, but several key US allies have rebuffed his call to send warships to escort vessels through the strait.

Brent crude futures rose above $104 per barrel on Tuesday, rebounding from the previous session’s losses as investors continued to assess the impact of the Middle East conflict on global supply. Iran has stepped up attacks on energy infrastructure in the region, while most countries have so far resisted US President Donald Trump’s call for support in safeguarding commercial activity in the Strait of Hormuz. On Monday, the benchmark tumbled nearly 3% after several tankers safely navigated Hormuz over the weekend, raising hopes the waterway could soon reopen. India is also negotiating six additional vessels as several countries pursue back-channel talks with Iran to ensure safe passage for their ships. The US is allowing Iran to continue shipping crude through Hormuz, while a direct communications channel between the US and Iran has also reportedly been activated.

Brent crude futures rose above $103 per barrel on Tuesday after losing nearly 3% in the previous session, as investors continued to assess the impact of the Middle East conflict on global supply. On Monday, oil prices retreated sharply as fears of a prolonged Strait of Hormuz closure eased after several tankers safely navigated the chokepoint over the weekend, raising hopes the waterway could soon reopen. India is also negotiating six additional vessels as several countries pursue back-channel talks with Iran to ensure safe passage for their ships. The US is allowing Iran to continue shipping crude through Hormuz, while US President Donald Trump has asked other nations to support efforts to safeguard commercial activity in the strait. A direct communications channel between the US and Iran has also reportedly been activated. Meanwhile, the US is preparing to release the first tranche of emergency crude reserves, while the IEA signaled room to further tap global stockpiles.