Global Oil Prices Surge Over 3% as Renewed US-Iran Tensions Raise Hormuz Supply Concerns
London:Global oil prices climbed by more than 3% after renewed military tensions between the United States and Iran raised concerns about potential disruptions to oil shipments through the Strait of Hormuz.
According to media reports, **Brent crude** rose by **$2.67, or 3.51%**, reaching **$78.68 per barrel** in international trading.
Market analysts said the price increase was driven by fears that the escalating conflict could disrupt oil exports through the Strait of Hormuz, one of the world’s most critical energy shipping routes.
According to the **U.S. Energy Information Administration (EIA)**, around **20% of the world’s crude oil supply** passed through the Strait of Hormuz before the conflict, making any instability in the waterway a major concern for global energy markets.
The rise in oil prices comes after the **U.S. Central Command (CENTCOM)** announced a new round of military strikes against Iran. CENTCOM said the operations are intended to further reduce Iran’s ability to threaten civilian and commercial vessels transiting the Strait of Hormuz.
The developments have heightened concerns over global energy supplies, with investors closely monitoring the security situation in the Gulf and its potential impact on international oil markets.
