Oil prices edged higher in early Asian trade Tuesday amid escalating U.S.-Iran hostilities. The two nations exchanged fire while continuing to battle for control of the Strait of Hormuz, a critical chokepoint for global energy supplies. ANZ Research analysts warned that fresh U.S. attacks raised concerns about prolonged disruptions to oil flows.

Shipping activity has reportedly slowed, appearing insufficient to prevent a decline in Persian Gulf exports. Front-month WTI crude futures rose 0.5% to $90.70 per barrel, reflecting market anxiety over supply stability. The situation underscores the vulnerability of the vital waterway, through which one-fifth of the world’s oil is transported.