Brent July futures rose 1.4% to $111.92 per barrel, while WTI June edged 0.8% to $105.89 per barrel amid Iran tensions.
Prices are buoyed by fears of a prolonged US‑Iran war and possible Hormuz closure, which supplies roughly 20% of global oil.
US President Donald Trump signaled a naval blockade and military options; Iran’s Supreme Leader Mojtaba Khamenei vowed to keep Hormuz under control.
ANZ analysts note tightening as the paper‑physical market gap narrows, warning that Hormuz closure could extend production shut‑ins at Persian Gulf producers.