WTI crude futures were little changed near $71 per barrel on Tuesday after surging about 6% in the previous session, as traders monitored intensifying conflict in the Middle East and rising risks of a complete closure of the Strait of Hormuz. Trump said the United States would do “whatever it takes” when asked how long the war with Iran might last. A senior US official also reportedly signaled that Washington was preparing a major escalation of strikes on Iran within the next 24 hours, targeting its missile manufacturing facilities, drones, and naval assets.
At the same time, a top Iranian official warned that ships attempting to pass through the strait could be attacked. Tanker movements through the Strait of Hormuz — a critical chokepoint that handles roughly one-fifth of global seaborne oil shipments — have effectively ground to a halt amid heightened security concerns. Saudi Aramco has also temporarily halted operations at its Ras Tanura refinery, the kingdom’s largest, while assessing damage following a drone strike on the facility.
