Oil Prices Surge Above $100 as Tensions Escalate in Strait of Hormuz

ISLAMABAD: Global oil prices have surged sharply amid rising tensions in the Strait of Hormuz, with Brent Crude climbing past $106 per barrel.
The increase, which marks a nearly 5 percent jump, is attributed to escalating hostilities between the United States and Iran. Reports indicate that both sides have engaged in the seizure of commercial vessels and retaliatory actions, raising concerns over disruptions in global energy supplies.
According to international reports, Brent crude reached around $106.80 per barrel, crossing the $100 mark for the first time in two weeks.
In a statement, Donald Trump said that ships passing through the Strait of Hormuz would require approval from the US Navy. He also warned that any Iranian vessels found laying mines would be destroyed.
Meanwhile, Iran’s Islamic Revolutionary Guard Corps claimed to have seized two foreign commercial ships, further intensifying tensions in the region.
Experts note that the Strait of Hormuz is a critical route responsible for transporting nearly one-fifth of the world’s oil and gas. Any disruption in this passage could have direct consequences for the global economy.
Reports also suggest a noticeable decline in the number of commercial vessels transiting the waterway, raising alarms about global supply chain disruptions.
At the same time, the US stock market witnessed a downturn, with major indices declining due to rising energy costs and increasing uncertainty.
Analysts warn that if tensions persist, oil prices could rise further, potentially fueling global inflation and adding pressure on economies worldwide.