Crude oil prices have recorded their highest monthly gain in 2026 after climbing over 2 per cent on Tuesday as Iran and the United States target each other’s military facilities in the Gulf, effectively rendering the Strait of Hormuz closed for operations.
Brent crude futures gained $1.68, or 2 per cent, to $84.98 per barrel, while US West Texas Intermediate (WTI) crude advanced $1.65, or 2.1 per cent, to $79.79 per barrel.
In the previous session, Brent had surged 9.6 per cent, marking its biggest single-day jump since May 2020.
Oil prices have climbed to their highest levels since the two countries signed a peace memorandum on June 17 to end the conflict.
According to the UAE ministry of defence, two United Arab Emirates tankers were targeted with cruise missiles by the IRGC within Omani territorial waters on Monday.
The attack claimed the life of one Indian crew member and injured eight others.
In response, US President Donald Trump said he announced the reimposition of the blockade on Iran in the Strait of Hormuz near Oman.
Oil prices, which had gone down nearly 30 per cent in the second quarter, have recovered as the escalating conflict has renewed concerns over crude supplies from the Persian Gulf.
During a brief pause between two US naval blockades, Iran exported at least 57 million barrels of crude oil.
Also read: RBI may not revise repo rates till Oct: BoB report
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