Global oil prices climbed sharply after renewed military exchanges between the United States and Iran in the Strait of Hormuz raised fears of disruptions to international energy supplies.
Brent crude futures rose by more than seven percent during volatile trading, briefly surpassing $103 per barrel before easing slightly in Asian markets. The benchmark later traded around $101 per barrel.
The increase followed reports of armed confrontations in the strategically important Strait of Hormuz, a vital shipping route responsible for transporting nearly one-fifth of the world’s oil and natural gas supplies.
According to the US Central Command, American forces launched strikes after US Navy destroyers allegedly came under attack from Iranian missiles, drones, and fast-moving boats in the waterway.
Iranian military authorities accused the United States of violating a ceasefire agreement announced in April, claiming US forces targeted an Iranian oil tanker and another vessel near the strait. Tehran also alleged that civilian areas, including Qeshm Island, were hit during the confrontation.
Despite the escalation, US President Donald Trump said the ceasefire remained active, while Iranian state media reported that conditions in the region had “returned to normal.”
Shipping activity through the Strait of Hormuz has remained heavily restricted in recent months due to fears of attacks on oil tankers operating in the region.
Energy analysts say the ongoing tensions have contributed to a significant reduction in global oil output, pushing Brent crude prices roughly 40 percent higher since the conflict began.
The renewed instability also affected financial markets across Asia, with major stock indexes in Japan, South Korea, and Hong Kong opening lower amid concerns over energy costs and regional security.
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