Brent crude futures climbed toward $95 a barrel on Tuesday, their highest level since late July, after the US military launched new strikes on Iranian targets near the Strait of Hormuz. The action followed attacks on two oil tankers in the strategically vital shipping corridor. US President Donald Trump warned that Washington would deliver a significantly larger response if Tehran retaliates. In turn, a senior Iranian military official vowed that Iran’s response would be “many times greater,” cautioning that military bases across the region could quickly come under Iranian fire. The escalation heightens the risk of a prolonged conflict and additional disruptions to crude exports from the region. At the same time, a large-scale Ukrainian drone strike on Russia’s Ust-Luga oil export terminal in the Baltic Sea ignited a fire, as Kyiv continues to target Russian refineries and broader energy infrastructure.