Oil prices reach one-month high amid US-Iran tensions

Brent crude futures edged toward $85 a barrel on Tuesday, driven by heightened geopolitical risk after renewed hostilities between the United States and Iran. The benchmark rose to $84.78 per barrel by 0900 GMT, up roughly 1.5% from the previous close, as traders priced in the possibility of further disruptions to oil shipments through the Strait of Hormuz, a critical chokepoint for global energy supplies.

The price surge followed a series of escalatory moves, including a U.S. airstrike on a suspected Iranian missile site in eastern Iraq and Tehran’s retaliatory missile launch toward a U.S. naval vessel in the Gulf. Both sides have exchanged threats of additional military action, prompting concerns that the conflict could expand and affect regional oil output. Analysts noted that while OPEC+ production cuts remain in place, the market’s focus has shifted to supply‑risk premiums, keeping crude prices elevated despite stable global demand forecasts.