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Oil prices extended significant gains on Tuesday as expectations for a quick reopening of the Strait of Hormuz faded, stoking fresh inflation fears and increasing bets on potential US interest rate hikes.
Crude prices jumped approximately 10 per cent over the past week as Washington and Tehran remained locked in a stalemate.
The standoff intensified after US President Donald Trump demanded conflict compensation from Iran for historical attacks, responding directly to Tehran’s prior demands for US war reparations.
The escalating geopolitical tension has turned the vital maritime corridor into an economic battlefield.
Analysts note that both nations are effectively weaponising the oil trade, with Washington attempting to choke Iranian exports while Tehran restricts global energy shipments through the strait.
The resulting supply anxiety drove both major benchmark crude contracts up by roughly five per cent on Monday before prices climbed even higher during Tuesday trading.
Elevated energy costs have renewed concerns over persistent price pressures ahead of upcoming US consumer price data.
Despite recent weak employment figures, rising inflation could prompt the Federal Reserve to reconsider its monetary policy.
Federal Reserve officials signalled that addressing inflation might require multiple rate adjustments rather than a single move, leaving traders closely watching economic indicators while Asian stock markets delivered mixed performances.
