Geopolitical tensions and fears of Strait of Hormuz disruptions lift oil prices in early Asian trading.
West Texas Intermediate crude oil climbed to $95.70 in early Asian trading Tuesday, extending gains above $95.50. The move follows heightened geopolitical risks, including US-Iran tensions and potential disruptions in the Strait of Hormuz, a critical chokepoint for global oil shipments.
Oil prices have been volatile amid supply concerns, with WTI trading near multi-month highs. The latest uptick reflects market sensitivity to Middle East stability, where even minor disruptions could tighten global supply.
No immediate market reaction data was reported, but futures suggest continued cautious trading as investors monitor developments.