Oil Prices Jump as U.S.-Iran Clashes Reignite Strait of Hormuz Supply Fears

TLDR

• Brent crude rose to $91.87 and WTI climbed to $87.15 on Tuesday as U.S.-Iran tensions escalated
• U.S. forces struck Iranian military targets on Larak Island; Iran retaliated with missiles at U.S. facilities in Jordan
• Tanker traffic through the Strait of Hormuz fell to just 5 vessels per day, well below the 10-day average of 14
• A tanker was struck by three projectiles while exiting the strait on Tuesday
• The U.S. Strategic Petroleum Reserve sits at 286.6 million barrels, near its lowest level in 44 years

Oil prices pushed higher on Tuesday as fresh fighting between the U.S. and Iran brought supply disruption fears back to the oil market. Brent crude futures rose to $91.87 per barrel, while U.S. West Texas Intermediate climbed to $87.15.

Both contracts had already settled around 3% higher the session before, continuing a rebound driven by renewed hostilities in the Middle East.

Fighting Resumes After Brief Lull

The latest flare-up began after U.S. forces struck Iranian military targets on Larak Island, ending weeks of relative calm. Iran responded by launching missiles at U.S. military facilities in Jordan.

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