Oil Prices Surge Nearly 5% as US-Iran Dispute Over Strait of Hormuz Deepens

LONDON:Global crude oil prices jumped by nearly 5% as disagreements between the United States and Iran over reopening the Strait of Hormuz remained unresolved.

The sharp rise came as Washington and Tehran have yet to agree on an acceptable mechanism for restoring the passage of commercial vessels through the strategically important waterway.

According to reports, the international benchmark Brent crude rose by around 5%, reaching **$87.72 per barrel**.

Meanwhile, US West Texas Intermediate (WTI) crude also climbed approximately 5.1%, reaching **$82.13 per barrel**.

Analysts attributed the increase primarily to uncertainty surrounding the Strait of Hormuz. The waterway is one of the world’s most important maritime routes, carrying a significant portion of global oil and gas supplies. Any disruption there can therefore have a direct impact on international energy markets.

Investors are concerned that further delays in fully reopening the Strait of Hormuz could disrupt global oil supplies, particularly as disagreements between the United States and Iran continue.

Oil prices had declined in recent days amid hopes that the strait would be reopened. However, renewed uncertainty over the prospects for progress in negotiations has triggered fresh concerns in global markets.

The situation in the Strait of Hormuz could affect not only oil prices but also international trade, shipping insurance and maritime transportation costs. If commercial shipping remains restricted, concerns over global energy supplies could intensify.

Economic experts say oil prices in the coming days will largely depend on negotiations between Washington and Tehran, developments surrounding the Strait of Hormuz and the safe passage of commercial vessels.

If the two sides reach an acceptable arrangement, crude prices could decline again. However, a prolonged standoff could push oil prices even higher.