Brent crude futures climbed back above $104 per barrel on Tuesday, recovering from the previous session’s sharp losses as investors continued to weigh the impact of the Middle East conflict on global supply. Iran has intensified its attacks on energy infrastructure across the region, while most countries have so far declined to support US President Donald Trump’s call to help secure commercial traffic through the Strait of Hormuz.
On Monday, the benchmark fell nearly 3% after several tankers successfully transited the Strait over the weekend, bolstering expectations that the key waterway could soon see a broader reopening. India is negotiating for six additional tankers, and several countries are reportedly engaged in back-channel talks with Iran to secure safe passage for their vessels. At the same time, the US is permitting Iran to continue exporting crude through Hormuz, and a direct communications channel between Washington and Tehran has reportedly been activated.
