Brent crude tops $85, reaches one-month high
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Brent crude oil rose above $85 a barrel on Tuesday, reaching its highest level in a month as escalating geopolitical tensions in the Middle East heightened concerns over potential disruptions to global oil supplies.
Brent crude futures climbed above $85 per barrel, marking their highest level since mid-June.
The gains were driven by growing concerns over oil supply after renewed tensions in the Middle East, particularly around the Strait of Hormuz, a key maritime route for global energy exports.
Market participants also cited expectations of a decline in U.S. crude inventories, adding further support to oil prices alongside geopolitical risk premiums.
The Strait of Hormuz handles around 20 percent of the world's seaborne oil trade, making any threat to shipping through the waterway a significant factor for global energy markets.
Analysts said oil prices are likely to remain volatile as investors closely monitor geopolitical developments and their potential impact on supply, while any prolonged disruption to tanker traffic through the Strait of Hormuz could place additional upward pressure on prices. (ILKHA)
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