Brent crude neared $85.92 a barrel, reaching its highest level in a month after rising as much as 3.8 percent on Tuesday and extending a 9.6 percent gain from the previous day. The surge followed renewed hostilities between the United States and Iran that continued for a third consecutive day, dampening hopes for a return to normality in the Strait of Hormuz.

Since the US‑Israel war on Iran began in late February, Brent has climbed about 19 percent from its pre‑conflict price. The US Central Command announced strikes on Iran for a third day, while Iran’s Islamic Revolutionary Guard Corps said it hit two oil supertankers in the strait and launched missile and drone strikes against US assets in Kuwait and Bahrain. President Donald Trump said the US would reimpose its blockade of Iranian ports and begin charging vessels transit fees as the “guardian” of the waterway.

Traffic through the Strait plummeted to 57 transits from Friday through Sunday, a more than 50 percent drop versus the prior week, according to Marine Traffic. Analysts warned that the strategic petroleum reserve buffer is shrinking. June Goh of Sparta Commodities said a violent repricing cannot be discounted until rhetoric eases. Rory Johnston of Commodity Context noted the market’s cushion has been depleted, leaving it vulnerable to a rerun of earlier shocks. Bart Melek of TD Securities suggested a move to $100 is possible if physical shortage risks become real.