Brent crude hits seven-week high near $99 a barrel

Brent crude oil traded at a seven-week high of about $99 per barrel on Tuesday morning, extending an upward run that began in late August amid the ongoing US-Iran Strait of Hormuz standoff and reduced tanker traffic through the waterway.

Why this matters. A sustained climb toward $100 a barrel raises fuel and shipping costs globally and signals traders are pricing in prolonged disruption to Hormuz transit rather than a near-term de-escalation.