FX.co ★ Crude Oil Extends Rally Toward $81

Crude oil rose more than 3% to nearly $81 per barrel on Tuesday, its highest level in almost a month, after the collapse of the US-Iran truce reignited fears of supply disruptions. This advance extended a 9.4% surge in the previous session, driven by fresh attacks on shipping in the Strait of Hormuz.

The United Arab Emirates reported that two of its tankers were hit while passing through the strategic waterway, underscoring mounting risks along one of the world’s busiest energy corridors. The incidents followed the US decision to reinstate its blockade on Iranian oil exports, launch new strikes against Iran, and propose fees for vessels receiving protection from the US Navy.

Supply concerns were further aggravated as Saudi Arabia intercepted missiles fired by Yemen’s Houthi forces, while Washington pushed for tougher sanctions on Russian energy exports. The renewed escalation has heightened fears of sustained disruptions to global oil supplies and increased geopolitical risk premiums in energy markets.