Oil Prices Surge Amid Rising Tensions in the Strait of Hormuz

Oil prices rose for the third consecutive session on Tuesday, amid escalating tensions in the Strait of Hormuz. Iran's aggressive stance and stalled U.S.-Iran peace talks pose risks of a prolonged conflict, affecting global oil prices. Iranian negotiator Qalibaf indicated a complete strait closure until U.S. conditions are met.

Oil prices increased for a third consecutive session on Tuesday, driven by heightened Middle East tensions. Tehran's intent to adopt an aggressive posture and Washington's decision to end ceasefire extension talks have further complicated peace negotiations.

Brent crude futures rose by 36 cents, reaching $91.23 per barrel, while U.S. West Texas Intermediate crude futures increased by 56 cents to $85.06 per barrel. The markets had earlier peaked at levels not seen since late July.

Strait of Hormuz's reopening is uncertain, following Iran's demand for U.S. compliance with an interim accord. With peace talks interrupted and military tensions escalating, analysts forecast sustained pressure on oil prices.