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Global oil prices climbed to their highest levels in roughly five months on Tuesday as traders reacted to renewed attacks on shipping and energy infrastructure in the Middle East, heightening concerns about disruptions to crude supplies moving through one of the world's most important oil-exporting regions.

Brent crude, the international benchmark, traded around the $110-per-barrel mark during Tuesday's session, while U.S. West Texas Intermediate (WTI) crude rose above $104 a barrel. Market analysts said prices continue to incorporate a significant geopolitical risk premium as uncertainty persists over the security of oil shipments through the Strait of Hormuz.

The latest gains follow a string of attacks on vessels and energy facilities linked to the escalating conflict involving Iran and Iran-backed groups. Maritime security incidents in and around the Strait of Hormuz, a chokepoint that handles a substantial share of global oil trade, have reinforced fears that further disruptions could tighten already strained fuel markets.

The International Energy Agency (IEA), in its latest Oil Market Report, warned that the recovery in Gulf oil supplies remains "fragile" because of renewed attacks on regional energy infrastructure and tanker traffic. While oil production and exports from Gulf producers improved in September, the agency cautioned that the rebound could be undermined by fresh hostilities.

According to the IEA, global oil supply rose by 2.5 million barrels per day in September to 102.3 million barrels per day, driven largely by increased production from Gulf producers. Nevertheless, the agency noted that ongoing security threats continue to pose significant risks to energy flows.

"Renewed attacks in the Gulf leave the recovery fragile," the IEA said in its October market assessment.

The agency also highlighted the pressure on fuel consumers worldwide. High energy costs and conflict-related disruptions have prompted the IEA to forecast that global oil demand will decline by an average of 2.6 million barrels per day in 2026, reflecting the economic damage caused by elevated fuel prices and supply constraints.

Although Gulf crude exports have recovered to more than three-quarters of their pre-conflict levels, recent attacks have left traders wary of assuming that supplies will continue to normalise. Analysts say the market is increasingly focused not only on production volumes but also on the safety of transporting crude to international buyers.

The rise in oil prices could have wider implications for inflation and consumer spending. Higher crude prices typically feed through to fuel costs, transportation expenses and broader consumer prices, presenting challenges for central banks and governments already grappling with economic uncertainty.

For now, energy markets remain on edge. With attacks on ships and infrastructure continuing across the region, traders are likely to keep a close watch on developments in the Gulf, where any further disruption could send oil prices even higher.