Oil Surpasses USD 92 Amid U.S.-Iran War

Crude oil returns to June levels

Oil prices rose on Tuesday amid escalating military tensions between the United States and Iran. Brent, the international benchmark, climbed about 1.2% to USD 92.09 per barrel, its highest intraday level since June 11. West Texas Intermediate (WTI), the U.S. benchmark, advanced 1% to USD 85.19.

The surge follows U.S. President Donald Trump’s warning that Washington “has not finished” its military operations against Iran. According to the U.S. Central Command (CENTCOM), American forces completed their eleventh consecutive night of airstrikes targeting Iranian military capabilities near the Strait of Hormuz, one of the world’s most critical maritime routes for oil transportation.

The threat extends to the Red Sea

Trump also warned that the United States could act against Houthi rebels in Yemen, Iran’s allies, if they block the Red Sea or Saudi ports. The possibility of conflict expanding to this maritime route raises concerns among energy market analysts.

Jay Hatfield of Infrastructure Capital Management noted that an effective closure of the Red Sea could push crude prices above USD 100 per barrel. In a less extreme scenario, the market expects prices to remain in the USD 80–90 range in the short term.

Asian markets withstand geopolitical tension

Despite geopolitical uncertainty, Asian stock markets posted significant gains. Japan’s Nikkei rose 1.9% and South Korea’s Kospi climbed 5.4%, driven largely by technology stocks. Meanwhile, the Japanese yen weakened to its lowest level against the dollar since 1986, reflecting investor caution amid the Middle East crisis.

The combination of a vital global energy supply route under threat and the absence of de-escalation signals between Washington and Tehran keeps commodity markets on alert, with oil as the most immediate barometer of the crisis.

Sources: Infobae.