Brent crude oil prices rose above $116 per barrel on Tuesday as renewed Houthi attacks on Saudi Arabia and uncertainty surrounding diplomatic efforts with Iran raised concerns about potential supply disruptions across the Middle East.
By 0918 GMT, Brent crude futures had increased by 45 cents, or 0.39%, to $116.26 per barrel, while US West Texas Intermediate (WTI) crude gained 40 cents, or 0.39%, to $102.16 per barrel. Both benchmarks recovered after falling around 1% earlier in the session.
The price movement followed diplomatic talks involving Saudi Arabia, Türkiye, Pakistan and Iranian officials in Tehran on Monday. According to Iranian state media, the four countries agreed to continue discussions aimed at strengthening regional peace and security. However, continued geopolitical uncertainty kept pressure on oil markets.
Brent crude climbed above $117 per barrel last week, reaching its highest level since April, amid Iranian attacks on tankers near the Strait of Hormuz. Renewed Houthi attacks on Saudi Arabia have added to concerns about the security of energy infrastructure and commercial shipping routes.
Supply constraints have also contributed to market concerns. ANZ Research reported that Gulf crude exports had declined for a fourth consecutive week, while oil flows through the Strait of Hormuz remained at around 60% of normal levels. Global distillate inventories were also nearly 5% below their five-year average.
Investors are closely monitoring diplomatic developments and Israel’s general election for potential changes in regional policies. Any further escalation or disruption to key shipping routes could intensify pressure on global oil supplies and keep crude prices elevated.