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Middle East tensions have extended oil price gains, as Brent crude climbed past $80 a barrel.

Oil prices rose to their highest in more than a year as traders continued to fret that supplies will be affected by conflict in the Middle East.

The cost of hauling crude oil from the Middle East to China has skyrocketed as the conflict between the U.S. and Iran disrupts shipping through key routes in the region. Leading maritime insurers have also dropped war risk cover for vessels operating in the Persian Gulf.

Indonesia will increase crude oil imports from the United States to replace ​some supply from the Middle East amid an escalating ‌war in the region, its energy minister said on Tuesday.

Treasury Yields rise further above 4%

Hungary's MOL imported some 35,000 tons of Ukrainian crude via the Druzhba pipeline at Kyiv's ​request after a strike and fire near the pipeline in late ‌January, executive chairman Zsolt Hernadi told commercial television station ATV.

Global energy markets have been upended by the Iran conflict which erupted on Saturday and then spread across the oil-rich Middle East. Oil's metrics point to intense near-term tightness, as Bloomberg's Rong Wei Neo explains.

Strait of Hormuz tensions put 20% of global oil at risk as tanker traffic slows. Discover why WTI and Brent risk premiums are reshaping the 2026 energy forecast.

Oil prices extend gains for a third session as escalating Middle East tensions and Strait of Hormuz shipping risks tighten supply fears, pushing Brent and WTI higher with technical breakouts pointing toward a potential move to $100.

Oil prices rose for a third day on Tuesday as the widening U.S.-Israeli conflict with Iran and threats to shipping through the Strait of Hormuz heightened fears of supply disruptions from the key Middle ​East producing region.