Brent Crude Rises Over $1 per Barrel Amid Renewed Strait of Hormuz Supply Concerns
US Forces Destroy Iranian Launchers; Tehran Vows Retaliation and Fires Missiles at US Bases in Jordan
Shipping Activity in Persian Gulf Drops Amid Heightened Military Escalation.
Global crude oil prices jumped by more than $1 per barrel on Monday as renewed military clashes between the United States and Iran unsettled energy markets entering the sixth month of the Middle East conflict. Brent crude futures surged by $1.08, or 1.23 percent, to reach $89.18 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 92 cents to $84.32 a barrel.
The price spike followed a targeted U.S. military strike on Iran’s Larak Island, located near the vital Strait of Hormuz. U.S. Central Command confirmed destroying two Iranian rocket launchers that were allegedly being prepared by the Islamic Revolutionary Guard Corps (IRGC) to deploy sea mines into shipping lanes. Iran condemned the action as unprovoked aggression, reporting military and civilian casualties and launching retaliatory ballistic missile strikes targeting U.S. installations in Jordan.
Market analysts warned that the fresh exchange of military strikes has reignited deep anxieties over oil supply routes through the Strait of Hormuz—a narrow waterway that previously handled nearly one-fifth of global oil consumption. With maritime operators growing cautious, commercial shipping transit through the strait dropped significantly over the weekend, leading experts to predict continued volatility in international energy pricing.
