Oil prices climb nearly 4% after US-Iran clashes and reports of Strait of Hormuz closure by Tehran.
Brent crude surged above $79 per barrel, rising nearly 4% as geopolitical tensions in the Gulf intensified. The move follows renewed attacks between the US and Iran, alongside Iranian statements claiming closure of the Strait of Hormuz, a critical chokepoint for global oil shipments.
Prices had stabilized below $78 in recent sessions amid softer demand concerns, but escalating hostilities reversed the trend. The Strait of Hormuz handles roughly one-fifth of the world’s oil supply, making it a key risk factor for energy markets.
Markets are monitoring further developments, with focus on potential supply disruptions and retaliatory measures.