Brent Crude Extends Rally as Middle East Tensions Persist

Markets Monitor U.S.-Iran Conflict for Supply Risks

Oil prices continued to rise today, with Brent crude gaining $1 to trade at $92.01 a barrel, while U.S. West Texas Intermediate (WTI) increased 82 cents to $85.16 a barrel.

The gains followed yesterday’s strong rally, when both benchmark contracts closed at their highest levels in five weeks. Brent settled at $91.01 a barrel, while WTI finished at $84.91 a barrel.

Energy markets remain focused on escalating tensions between the United States and Iran across the Gulf region.

Recent U.S. military strikes inside Iran and reported Iranian attacks on U.S. facilities in Bahrain, Kuwait, and Jordan have heightened concerns about potential disruptions to global energy supplies, contributing to upward pressure on crude oil prices.

Traders continue to monitor developments in the Middle East closely, with fears that any further escalation could affect key shipping routes and oil production.