Oil Prices Soar: Brent Hits 19-Month High Amid Widening Iran Conflict, Supply Fears

• Crude oil benchmarks Brent and WTI surged about 7% on Tuesday, with Brent hitting a 19-month high of $85.12.
• The US-Israeli conflict with Iran has widened, disrupting fuel shipments and heightening fears of further Middle East oil and gas supply disruptions.
• Tankers are avoiding the Strait of Hormuz after insurers cancelled coverage, and Iran warned of firing on ships trying to pass.
• Key infrastructure impacted: Fujairah port fire, Kirkuk loadings stopped, Qatar, Israel, Saudi Arabia, and Iraqi Kurdistan production halted.
• Analysts expect elevated prices; Bernstein raised 2026 Brent forecast to $80, warning of $120-$150 in extreme prolonged conflict.