DUBAI: Global oil prices climbed sharply after renewed U.S. military strikes on Iran, with growing concerns over the security of the Strait of Hormuz fueling uncertainty in international energy markets.
According to media reports, crude oil prices rose by more than 3 percent, while Brent crude increased by $2.67 to reach $78.68 per barrel.
Market analysts said investors are increasingly concerned that escalating tensions in the Middle East could disrupt oil shipments through the Strait of Hormuz, a key maritime route for global energy supplies.
The U.S. Energy Information Administration estimates that nearly one-fifth of the world’s crude oil passes through the Strait of Hormuz, making any disruption in the waterway a significant risk to global energy markets.
The latest increase in oil prices comes after U.S. Central Command (CENTCOM) announced additional military operations against Iran. U.S. officials said the operations are intended to reduce threats to commercial and civilian shipping in the Strait of Hormuz.
Analysts warned that if regional tensions continue to escalate, the impact could extend beyond oil markets, driving up global energy costs, increasing inflationary pressures, and weighing on the broader world economy.
