Increased fighting leads to higher oil prices

Crude oil prices reached a five-week high on Tuesday, rising 2% and settling at more than $91 a barrel as investors were more concerned about energy supply disruptions as the U.S. increased its attacks on Iranian military sites. Adding to the increased tension was the threatened naval blockade of Saudi Arabia by Yemen’s Houthis.

Oil prices climbed about 2% on Tuesday to a five-week high, on worries that energy supply disruptions could worsen in the Middle East due to more attacks between the U.S. and Iran and a threatened naval blockade of Saudi Arabia by Yemen’s Houthis.

Brent crude, the global benchmark, gained $1.79 or 2% and settled at $91.01 a barrel.

West Texas Intermediate, the U.S. standard, rose $1.68 or 2% and closed at $84.91 a barrel on the New York Mercantile Exchange.

It was the highest Brent close since June 10 and the highest WTI mark since June 11. It also kept Brent in technically overbought territory for a seventh straight day for the first time since June 2025, according to Investing.com.

Tensions increased earlier in the day when two oil tankers carrying Saudi crude to Asia reversed course in the Red Sea after threats from the Houthis. A Kuwait-owned oil products tanker was struck by a projectile in the Strait of Hormuz near Oman as tensions escalate around the key shipping lanes of the Middle East. The Kaifan tanker, owned by Kuwait Oil Tanker Co. S.A.K., was the vessel hit by an unknown projectile in the Strait, per security consultancy EOS Risk Group cited by Bloomberg.

The latest incident comes as traffic through the Strait of Hormuz has ground to a halt amid multiple Iranian attacks on vessels transiting the southern lane close to Oman.

Natural gas prices managed a nearly 1% gain for the day, closing at $2.888 MMBtu with an increase of $0.028 or 0.98%.

Most Oklahoma energy stocks finished Tuesday’s trading with recorded gains. Mammoth Energy Services led percentage gains at 4% while a handful of others finished up 3% including Empire Petroleum, Gulfport Energy, Helmerich & Payne, Matrix Service Co. and Ovintiv.

Alliance Resource Partners LP