Oil Prices Surge After Fresh US Strikes on Iran Raise Fears Over Strait of Hormuz
Global oil prices climbed sharply after the United States launched new military strikes on Iran, escalating tensions in the Middle East and renewing concerns over disruptions to energy supplies through the Strait of Hormuz.
The latest attacks targeted a military site in Bandar Abbas, a strategic Iranian port city located near the world’s most critical oil shipping route.
Oil Markets React to Escalating Conflict
Following the strikes, global benchmark Brent crude rose 3.75% to $97.83 per barrel, while US West Texas Intermediate (WTI) crude jumped 4% to $92.22 per barrel.
Energy markets reacted quickly as investors feared further instability in the Gulf region could threaten global oil and liquefied natural gas (LNG) supplies.
The US Central Command (Centcom) said American forces struck Iranian military targets and intercepted four drones that allegedly posed a threat near the Strait of Hormuz.
The narrow waterway handles roughly one-fifth of the world’s oil and LNG shipments, making it one of the most strategically important trade routes in the global economy.
Strait of Hormuz Remains Key Global Flashpoint
Tensions around the Strait of Hormuz have intensified since the conflict between the US, Israel, and Iran began on February 28.
After US and Israeli airstrikes on Iranian targets earlier this year, Tehran threatened to target vessels using the shipping lane, causing major disruptions to maritime traffic.
The conflict has already triggered major swings in global energy prices. Brent crude briefly surged close to $120 per barrel earlier during the crisis after trading near $70 before the conflict started.
Oil prices had fallen earlier this week amid hopes that ongoing negotiations between Washington and Tehran could lead to a reopening of the Strait of Hormuz and ease pressure on energy markets.
Ceasefire Under Pressure After New Strikes
The latest operation marks the second US strike on Iranian targets within three days, despite a fragile ceasefire currently in place between the two countries.
US officials described the attacks as defensive actions designed to protect American troops and regional security interests.
Earlier this week, US forces also targeted Iranian missile sites and boats allegedly attempting to lay mines in the Strait of Hormuz.
Iran condemned the latest attacks as “a grave violation of the ceasefire” and warned that it would respond to any further aggression.
Meanwhile, Kuwait’s military announced on Thursday that it had intercepted “hostile missile and drone threats,” although officials provided no additional details.
Global Markets Watching Middle East Closely
Analysts warn that any prolonged disruption in the Strait of Hormuz could significantly impact fuel prices, shipping costs, and inflation worldwide.
Countries heavily dependent on imported energy supplies are closely monitoring developments as fears of broader regional escalation continue to grow.
Investors are now watching diplomatic talks between Washington and Tehran for signs of progress, although the latest military exchanges have raised doubts about whether negotiations can prevent further conflict.
