LONDON: Global oil prices climbed by nearly 9 percent amid escalating tensions between the United States and Iran, as investors reacted to growing concerns over the security of energy supplies through the Strait of Hormuz.
According to media reports, Brent crude oil rose 9.1 percent to $82.90 per barrel, while West Texas Intermediate (WTI) crude gained 9.1 percent, reaching $77.87 per barrel.
The sharp increase followed heightened geopolitical tensions after U.S. President Donald Trump announced the reimposition of a U.S. naval blockade targeting Iranian ports, while military exchanges between the two countries reportedly continued.
Energy market analysts said traders were increasingly concerned that the worsening conflict could disrupt shipping through the Strait of Hormuz, one of the world’s most strategically important maritime routes for crude oil exports.
The Strait of Hormuz serves as a vital corridor for global energy supplies, with a significant share of internationally traded crude oil and liquefied natural gas passing through the narrow waterway each day.
Analysts noted that any threat to navigation in the strait or further military escalation between Washington and Tehran is likely to increase volatility in global energy markets and place additional upward pressure on oil prices.
Investors are closely monitoring developments in the Gulf region, as prolonged instability could affect global fuel supplies, transportation costs, and inflationary pressures in energy-importing countries.
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