Oil prices climbed further on Tuesday, building on the previous session’s gains as stalled peace negotiations between the US and Iran kept markets on edge. The ongoing Middle East conflict, now entering its second month, has disrupted traffic through the Strait of Hormuz, a key artery for global oil shipments, tightening supply conditions.
US West Texas Intermediate (WTI) rose to $97.31, up $0.94 or 0.98%, while Brent crude traded at $109.30, gaining $1.05 or 0.97% in the latest session. The upward momentum follows Monday’s sharp rally, when prices jumped nearly 3% to reach a two-week high. Brent futures settled at $108.23 per barrel, up $2.90 or 2.8%, and WTI closed at $96.37, higher by $1.97 or 2.1%.
The surge has been driven by faltering diplomatic efforts between Washington and Tehran, alongside continued disruptions to shipping in the Strait of Hormuz. These factors have heightened concerns over constrained global supply.
Market sentiment was further dampened over the weekend after US President Donald Trump cancelled a planned Islamabad visit by envoys Steve Witkoff and Jared Kushner. The move came even as Iran’s foreign minister Abbas Araqchi had already arrived in Pakistan, deepening uncertainty around the negotiations.
Broader geopolitical tensions, including developments involving Israel and Lebanon, continue to shape investor outlook, keeping energy markets volatile.
