Oil futures climbed for a second consecutive session on Tuesday, propelled by reports of fresh Houthi strikes on Saudi Arabia and Iranian attacks on vessels in the Gulf, which intensified concerns over a further deterioration in US-Iran relations. At 3:10 AM ET, international benchmark Brent crude for November delivery surged 1.93% to $107.72 per barrel, while US West Texas Intermediate (WTI) for October delivery gained 1.88% to $103.30 a barrel.

US President Donald Trump stated on Sunday that Washington could continue military action against Iran and take control of the country's oil resources. Meanwhile, Iran's Revolutionary Guard claimed that a Panamanian-flagged tanker, the "El Gaia," struck a naval mine in the Strait of Hormuz — a assertion flatly rejected by the US Central Command.

Adding to supply concerns, Saudi Arabia has shut down a critical east-west oil pipeline after a drone launched from Iraq damaged the infrastructure. This pipeline serves as a vital alternative route for crude exports that bypasses the Strait of Hormuz. The disruption heightens the risk of supply outages in an already tight global oil market.

Al Jazeera reported that the Saudi-led multinational coalition in Yemen said Houthi rebels launched a barrage of ballistic missiles and drones on Monday, wounding 13 civilians inside Saudi territory. In a separate development, Iran's military announced it had captured an advanced US drone flying over the Strait of Hormuz, following a series of recent Iranian operations against American assets in the Gulf region.

President Trump's weekend remarks signaled that the US remains prepared to escalate actions against Iran and seize its petroleum resources. In response to the Revolutionary Guard's claim about the Panamanian tanker hitting a mine in the Strait of Hormuz, the US Central Command issued a rebuttal: "The Panamanian-flagged tanker El Gaia was struck by an Iranian missile last month and is inoperable. This latest fabrication by the Revolutionary Guard only proves once again their pattern of deceit, aimed at intimidating and disrupting the safe passage of commercial vessels in the strait."

Komal Sri-Kumar, president of Sri-Kumar Global Strategies, commented on the "Asia Financial Forum" program: "With successive attacks on pipelines and the shutdown of Saudi Arabia's east-west line, inflationary pressures are set to rise." He added, "Furthermore, the intensifying tariff war will further push up prices, which in turn could lift bond yields."