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Oil jumps 12% since Friday as U.S.-Iran tensions re-escalate

Brent neared $85 per barrel and WTI pushed toward $80 as the U.S. reinstated a blockade on Iranian oil exports and war-risk concerns returned.

Reported · Written up by our desk · Energy

Oil prices extended Monday’s rally into Tuesday, with Brent Crude reaching a one-month high as renewed U.S.-Iran hostilities pushed back a war risk premium that had eased in recent weeks, OilPrice reports. The outlet said prices are about 12% higher than they were on Friday, after both Brent and WTI rose roughly 2% in Asian trade to their strongest levels in weeks.

In the report, Brent Crude was up 1.9% to $84.88 per barrel, while WTI was up about 2.0% to $79.72, after an 8% surge earlier that was triggered by a weekend re-escalation and a U.S. announcement to reinstate the blockade on Iranian oil exports.

OilPrice also noted analysts were focused on a reference by President Donald Trump to a 20% fee for the U.S. to serve as “the Guardian of the Hormuz Strait,” as the market weighed how any such plan could operate amid rising expectations of volatility around the Strait of Hormuz.

Latest closeWTI crude $78.04 ▲9.3%|Brent $83.15 ▲9.4%

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