Renewed military action between Washington and Tehran pushes crude prices higher amid concerns over key shipping lane security.
West Texas Intermediate crude futures rose to $74.20 in early Asian trading, recovering from two consecutive sessions of losses. The rebound follows weekend strikes by US forces targeting Iranian assets, escalating tensions in the Strait of Hormuz, a critical chokepoint for global oil shipments.
Prices had retreated last week after an interim US-Iran agreement raised expectations of stabilized Middle Eastern supply. Over 300 Iranian targets were hit in three nights, including 140 on Saturday, while both nations issued conflicting statements on the strait’s operational status.
Markets now weigh the risk of prolonged disruption against hopes for diplomatic resolution, with Tehran demanding full compliance with prior shipping and export agreements before resuming talks.