Brent crude oil climbed to nearly $90 per barrel on Tuesday, while US crude (WTI) reached $84.3, according to market reports. The rally follows a freeze in US-Iran negotiations and a drop in US crude inventories to a four-decade low, stoking concerns over supply disruptions.
Oil prices surged Tuesday afternoon, with Brent crude trading at approximately $90 per barrel and West Texas Intermediate (WTI) at $84.3, according to market data. The jump extends a volatile period driven by the collapse of US-Iran negotiations and dwindling American crude stockpiles, which fell to their lowest in four decades.
Talks between Washington and Tehran have frozen in recent days, dashing hopes for a diplomatic resolution that could ease tensions in the Strait of Hormuz — the strategic waterway through which about 20% of global oil passes. The standoff has kept markets on edge, with traders pricing in a higher risk of supply disruptions.
As The Zioneer has reported, oil markets have swung sharply over the past year amid repeated escalations between the US and Iran, including previous Hormuz closure threats and rapid price fluctuations. The current spike reflects both the diplomatic impasse and tightening fundamentals, though further moves will depend on whether talks resume or military tensions escalate.
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