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Oil prices rose by more than 2% on Tuesday, recovering some of the losses from the previous session amid increasing fears of supply disruptions due to the near-total closure of the Strait of Hormuz.
Brent crude futures climbed by $2.74, or about 2.7%, bringing the price per barrel to $102.95. Meanwhile, West Texas Intermediate crude increased by $2.45, or 2.6%, reaching $95.95 per barrel.
Futures contracts had previously recorded a decline, with Brent falling by 2.8% and West Texas Intermediate dropping by 5.3% at settlement.
The Strait of Hormuz is a vital artery for the transport of about 20% of the world’s oil and liquefied natural gas trade, making any disruption there a direct factor in energy price fluctuations.
As the conflict in the Middle East escalates into its third week, concerns over oil flow interruptions have heightened, placing additional pressure on global markets.
