Oil prices climbed for a third consecutive day as concerns grew over potential supply disruptions due to the expanding conflict between the United States, Israel, and Iran, along with threats to shipping through the Strait of Hormuz.
According to Reuters, as of 10:00am Bangladesh time on Tuesday, crude oil prices had risen by $1.70 per barrel to $79.44, marking a 2.2 percent increase from the previous session.
Al Jazeera reported that prices had surged to $82.37 per barrel on Monday, the highest level since January last year, before easing slightly and settling with a gain of 6.7 percent.
US West Texas Intermediate (WTI) crude also rose by $1.17, or 1.6 percent, to reach $72.40 per barrel. In earlier trading, WTI had hit its highest level since June last year before moderating to a 6.3 percent gain.
Tony Sycamore, a market analyst at IG, said, “With no signs of rapid de-escalation, the effective closure of the Strait of Hormuz, and Iran targeting energy infrastructure in the region, upside risks remain. The longer the conflict persists, the greater those risks will become.”
