Geopolitical tensions in the Gulf push crude prices higher after Iran targets commercial vessels and the US revokes sanction waivers.
Brent crude surged to $76.58 per barrel and West Texas Intermediate climbed to $72.74 after Iran attacked three commercial vessels near the Strait of Hormuz. The strikes, which included a Qatari LNG carrier and a Saudi oil tanker, escalated tensions in the region.
Prices extended gains from earlier in the week as the US responded by canceling a sanction waiver for Iranian crude. The move follows a pattern of supply disruptions linked to Middle East conflicts, though prior waivers had softened the impact.
Markets reacted swiftly to the news, with oil futures rising on fears of prolonged supply risks in a key transit route for global energy shipments.