Oil prices rose sharply in early Asian trading on Tuesday as investors monitored tensions around the Strait of Hormuz, a key global oil shipping route.
Brent crude climbed 2.8% to $103.08 per barrel, while US-traded crude increased nearly 3% to $96.25.
Traders remain alert for signs that oil shipments through the Strait of Hormuz will continue without disruption and for indications of easing regional tensions.
Prices had eased slightly on Monday after reports that several ships safely navigated the strategic waterway, which has been targeted by Iran in response to US and Israeli attacks.
Meanwhile, stock markets across Asia opened slightly higher, including key indexes in Japan and South Korea, both heavily dependent on oil supplies from the Gulf region.
Japan’s Nikkei 225 rose by 0.25%, while South Korea’s Kospi index gained more than 2.5%.
Technology shares helped lift the Kospi after chipmaker Nvidia projected trillion-dollar sales by 2027 and announced several major deals with large companies.
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