Oil prices climbed for a second consecutive session on Tuesday as investors remained concerned about disruptions to crude supplies from the Middle East.
Brent crude futures rose above $95 a barrel, while US West Texas Intermediate also gained as markets continued to assess the impact of regional tensions on production, exports and shipping routes.
The latest gains came as uncertainty persisted over the security of energy infrastructure and key transport routes in the region. Traders are closely monitoring developments around the Strait of Hormuz, a critical route for global oil shipments.
Higher crude prices are increasing concerns about inflation and the wider global economy, particularly for countries heavily dependent on imported energy. Prolonged increases could raise transportation and production costs for businesses and put additional pressure on consumers.
The oil market has already experienced significant volatility as geopolitical developments continue to influence expectations for supply and demand.
Analysts and traders are also watching the response of major oil-producing countries and the potential for supply adjustments should disruptions persist.
The continued rise in crude prices could have broader implications for financial markets, monetary policy and economic growth if elevated energy costs become sustained rather than temporary.
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