Brent Crude Oil is up by 5.02%

Brent crude oil climbed more than 4% to around $87 per barrel on Tuesday, reaching its highest level in almost a month after the collapse of the US-Iran truce reignited concerns over supply disruptions. The rally followed a 9.6% surge in the previous session as fresh attacks targeted shipping in the Strait of Hormuz. The United Arab Emirates said two of its tankers were struck while transiting the waterway, highlighting growing risks to one of the world's busiest energy routes. The attacks came after the US resumed its blockade on Iranian oil exports, launched new strikes against Iran, and proposed charging vessels protected by the US Navy. Supply concerns also intensified as Saudi Arabia intercepted missiles launched by Yemen's Houthis, while Washington backed tougher sanctions on Russian energy exports. The renewed escalation has raised fears of prolonged disruptions to global oil supplies and higher geopolitical risk premiums.

Brent Crude Oil increased 5.02% to 87.485 USD/Bbl

Brent climbed above $85 per barrel on Tuesday, bringing gains for the week to more than 10%, after President Donald Trump reinstated a blockade on Iranian vessels transiting the Strait of Hormuz and announced that all other cargo passing through the waterway would be subject to payment requirements. The blockade is scheduled to take effect at 4 p.m. Eastern Time today. Trump called for a 20% reimbursement on cargoes, saying the US should be compensated by countries benefiting from its efforts to secure the strait, including Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, and Kuwait. The measures followed renewed hostilities between Washington and Tehran, with the US seeking to curb Iran’s ability to disrupt maritime shipping, while Tehran responded by targeting US allies in the region. Separately, Trump said he would back a Russian sanctions bill championed by the late Senator Lindsey Graham that would renew efforts to penalize buyers of Russian oil and natural gas.