Brent tops $92 as Red Sea tensions lift oil prices

Highlights

Brent climbed above $92, while WTI rose past $85.
Red Sea shipping risks increased.
Traders await official U.S. inventory data.

Brent crude futures rose 1.1% to $92.02 a barrel, while U.S. West Texas Intermediate (WTI) gained 1.0% to $85.16, according to market data. The advance followed another night of U.S. strikes on Iranian military targets and new warnings from Yemen's Iran-backed Houthi movement, Reuters reported.

Shipping risks push prices higher

Oil had already settled at a five-week high on Tuesday as military exchanges between Washington and Tehran intensified. According to the U.S. military, the latest strikes targeted military operations centers, drone storage facilities, and logistics infrastructure inside Iran, marking the 11th consecutive night of operations.

At the same time, the Houthis expanded pressure on regional shipping by warning vessels transporting Saudi crude through the Bab el-Mandeb Strait. Three tankers carrying Saudi oil to China and India reportedly turned around in the Red Sea after the warnings, choosing longer routes instead of sailing near Yemen.

Analysts warn that rerouting vessels could significantly increase delivery times and transportation costs for Asian buyers. Supply concerns have also spread to the Black Sea after the Caspian Pipeline Consortium suspended oil loadings following attacks on tankers at its export terminal.

Inventories and diplomacy remain in focus

The geopolitical backdrop overshadowed mixed inventory data from the American Petroleum Institute, which showed U.S. crude and distillate stockpiles increased last week while gasoline inventories declined. Investors are now waiting for official figures from the Energy Information Administration for further signals on demand.

Meanwhile, Secretary of State Marco Rubio accused Iran of failing to honor agreements covering navigation through the Strait of Hormuz. Speaking during an ASEAN meeting, Rubio said the U.S. remained committed to diplomacy but warned that no country should be allowed to control an international shipping route or impose conditions on commercial traffic.

Markets continue to monitor whether military escalation will translate into lasting disruptions to physical oil flows rather than temporary price volatility.

Energy markets remain on edge

The latest price gains highlight how quickly geopolitical events can affect global energy markets. The Bab el-Mandeb Strait and the Strait of Hormuz remain two of the world's most important oil transit routes, making any threat to shipping closely watched by traders. With Brent above $92 and military operations continuing, investors are focused on whether supply disruptions become more widespread in the coming days.

Earlier, we reported that the U.S.-Iran conflict widens as Hormuz shipping traffic falls.

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