Oil prices rise as geopolitical tensions escalate after Iran targets commercial vessels in a key global chokepoint.
West Texas Intermediate crude futures advanced above $69.00 per barrel, trading at $69.20 during Asian hours on Tuesday. The gain follows reports of Iranian strikes on commercial vessels in the Strait of Hormuz, a critical transit route for global oil shipments.
Prices had registered modest losses in the previous session before reversing course. The Strait of Hormuz handles roughly one-fifth of the world’s oil supply, making it a frequent flashpoint for price volatility during regional conflicts.
No immediate market reaction data was provided, but geopolitical risks typically support short-term crude price rallies.