Brent Crude Oil Hits Pre-War Levels

Brent climbed more than 2% to around $91.2 per barrel, the highest since June 10, extending gains for a third straight session as supply concerns intensified across several key export routes. Markets continued to monitor the conflict between the US and Iran after Washington carried out a 10th consecutive day of strikes and President Trump vowed Tehran "will pay" for attacks that killed American soldiers. Another tanker carrying oil products was reportedly struck near the Strait of Hormuz, highlighting ongoing risks to shipping. Meanwhile, Yemen's Houthi militants threatened to block Saudi maritime traffic in the Red Sea, prompting at least one Saudi crude tanker to reverse course. Beyond the Middle East, attacks on the Caspian Pipeline Consortium terminal on Russia's Black Sea coast also disrupted exports from Kazakhstan, one of the world's largest crude suppliers. Saudi Arabia said it would take all necessary measures to safeguard its vessels in accordance with international law.

Brent crude oil rose toward $89 per barrel on Tuesday after recovering from earlier losses, as traders balanced escalating conflict in the Middle East against renewed diplomatic efforts. The US carried out a 10th consecutive day of strikes after President Donald Trump vowed Iran "will pay" for attacks that killed American soldiers, while Tehran responded with missile and drone strikes targeting Kuwait. At the same time, hopes for de-escalation persisted after Iran confirmed it had received mediation proposals and reports of discussions over a possible 10-day ceasefire. Oil prices have remained highly volatile as markets react to shifting prospects for further conflict or renewed negotiations. Adding to supply concerns, Yemen's Houthi movement threatened to block Saudi maritime traffic in the Red Sea, a key export route that allows the kingdom to bypass the Strait of Hormuz. Saudi Arabia said it would take all necessary measures to protect its shipping in line with international law.

Brent crude fell toward $88 per barrel on Tuesday, halting a recent rally as hopes grew that peace negotiations between the US and Iran could resume after several days of escalating attacks. Mediators worked on Monday to encourage both sides to agree to a new ceasefire, while reports pointed to a possible 10-day truce. Still, oil prices have rallied sharply this month as US attacks on Iran continued for a tenth consecutive day, while Tehran carried on with retaliatory strikes against neighboring countries. Tensions intensified after President Donald Trump warned that Tehran would be held responsible for the deaths of three US service members. Iran-backed Houthi militants also announced a maritime embargo against Saudi Arabia, raising concerns over energy shipments through the Red Sea.