Brent futures prices rose on Tuesday, recovering some of the losses from the previous session as escalating tensions in the Middle East continued to fuel concerns over potential supply disruptions.
International benchmark Brent crude traded at $98.74 per barrel at 9.45 a.m. local time (0645 GMT), up around 3% from the previous close of $95.92
US benchmark West Texas Intermediate (WTI) increased 3.6% to $91.30 per barrel, compared with $88.13 in the previous session.
The rebound followed a drop in prices a day earlier after US President Donald Trump announced a five-day pause in planned strikes on Iran's energy infrastructure, raising hopes for a diplomatic breakthrough and easing immediate supply concerns.
However, those gains proved short-lived as markets refocused on the risk of a broader regional conflict that could disrupt oil flows, particularly through the Strait of Hormuz, a critical chokepoint for global energy supplies.
Reports that Saudi Arabia and the United Arab Emirates may move closer to aligning with US and Israeli forces have added to the uncertainty. Both countries have faced repeated Iranian attacks targeting energy facilities and economic assets.
"Saudi Arabia's patience with Iranian attacks is not unlimited," Saudi Foreign Minister Faisal bin Farhan told reporters last week after a series of Iranian attacks on Gulf energy infrastructure. "Any belief that Gulf countries are incapable of responding is a miscalculation."
Saudi Arabia has reportedly allowed US forces access to a major air base, while the UAE is weighing measures such as freezing Iranian assets, potentially tightening economic pressure on Tehran.
Meanwhile, strikes on Iran's own energy infrastructure have intensified. Iranian media reported damage to gas facilities in Isfahan and Khorramshahr, though no casualties were reported.
The conflict, which escalated following US and Israeli strikes on Iran on Feb. 28, has seen Tehran respond with repeated drone and missile attacks targeting Israel and Gulf countries hosting US military assets.
Trump has warned that Washington could still target Iran's energy sector if Tehran fails to reopen the Strait of Hormuz, even as he pointed to "very good" discussions and left the door open for a deal. Iran has denied that any talks are underway.
Analysts say the back-and-forth between military escalation and diplomatic signals is driving volatility in oil markets.
While the temporary pause in strikes briefly pushed prices lower, renewed attacks on energy infrastructure are once again heightening supply risk concerns and putting upward pressure on oil prices.
By Handan Kazanci
Anadolu Agency
energy@aa.com.tr