Oil prices rise to five-week high
- Brent rises 2.0% to $91.01/bbl, WTI gains 2.0% to settle at $84.91
NEW YORK: Oil prices climbed about 2 percent on Tuesday to a five-week high, on worries that energy supply disruptions could worsen in the Middle East due to more attacks between the US and Iran and a threatened naval blockade of Saudi Arabia by Yemen’s Houthis.
Brent futures rose USD 1.79, or 2.0 percent, to settle at USD 91.01 a barrel, while US West Texas Intermediate crude gained USD 1.68, or 2.0 percent, to settle at USD 84.91.
That was the highest close for Brent since June 10 and for WTI since June 11. It also kept Brent in technically overbought territory for a seventh straight day for the first time since June 2025.
READ MORE: Oil prices rise to five-week high on US-Iran attacks, Houthi blockade threat
“The rally is not necessarily about lost barrels today, but rather the market assigning a higher probability that logistics remain unstable through the week, especially if Saudi exports to Asia or Red Sea transit face additional disruption,” analysts at consulting firm Gelber & Associates said in a note.
Two oil tankers carrying Saudi crude to Asia reversed course in the Red Sea on Tuesday after threats from the Iran-aligned Houthis. US forces bombed targets in the south and west of Iran overnight; Tehran targeted US sites in Bahrain, Kuwait and Jordan and at least one tanker was hit in the Strait of Hormuz.
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