Abu dhabi: Oil prices rose 6% in international markets due to increasing geopolitical risks and supply concerns. Brent crude oil closed the day at $78.15 after reaching a daily high of $79.85 on Monday. As of 13.39 on Tuesday (1039GMT), Brent crude oil was trading at $82.82, marking a 5.97% increase compared to the closing price.

According to Anadolu Agency, West Texas Intermediate (WTI) crude oil priced at $76.08 per barrel, up by 6.6%. Brent futures, which witnessed its highest level since January 2025 on Monday at $82.37, reached $82.80 on Tuesday. The upward trend in oil prices is driven by escalating conflicts in the Middle East and potential threats to energy shipments through the Strait of Hormuz, raising concerns about supply disruptions.

Ebrahim Jabbari, a senior adviser to Iran's Revolutionary Guard Corps (IRGC) commander-in-chief, announced on Monday the closure of the strait to traffic amid ongoing attacks on the country, stating that any vessel traversing the waterway would be targeted. Jabbari also indicated that oil pipelines in the region could also be targeted. The price of Brent crude oil was around $73 per barrel at last week's close.