New Delhi, July 14 -- LONDON - Brent crude climbed above $87 a barrel on Tuesday, clearing a level not seen since June 12 as the market extended a rally driven by tightening supply signals and sustained concern over Middle East supply risk.

The move brings Brent nearly 1.5% above where it traded at the start of this month, when oil briefly retreated below $83 before recovering. The June 12 high had marked the peak of a prior surge before markets pulled back on expectations that OPEC+ would ease some of the voluntary production cuts it put in place through the first half of 2026.

Those expectations have since shifted. OPEC+ moved more cautiously on loosening output constraints than markets anticipated, and the ongoing US-Iran standoff, w...