Oil Prices Hit Four-Week High Amid US-Iran Strikes

Global crude oil prices climbed nearly 2% on Tuesday, reaching their highest level in four weeks, as continued exchanges of military strikes between the United States and Iran heightened concerns over potential disruptions to energy supplies.

As of 12:51 a.m. GMT on Tuesday, Brent crude rose $1.68, or 2%, to $84.98 per barrel. US West Texas Intermediate (WTI) crude gained $1.65, or 2.1%, to trade at $79.79 per barrel.

The latest gains followed a sharp surge on Monday, when Brent crude jumped 9.6% in a single trading session—the largest one-day increase in crude oil prices since May 2020.

Meanwhile, the United States carried out a third consecutive night of strikes inside Iran. The US military said the attacks came after negotiations between the two countries stalled.

In a statement, US Central Command (CENTCOM) said the operations were aimed at weakening Iran's military capabilities and reducing its ability to target commercial shipping and civilians in the Strait of Hormuz.

Despite the escalating conflict, US President Donald Trump said he still believes a negotiated agreement with Iran remains possible.

Speaking to reporters in the Oval Office, Trump said, "Yes, I think a deal is possible. We were close to reaching an agreement two days ago, but they later said they were not ready and wanted more discussions."