WTI crude rises 1.54% to $79.02 after Iranian forces strike supertankers in a key global chokepoint.
Iran’s Islamic Revolutionary Guards Corps (IRGC) disabled two supertankers in the Strait of Hormuz after the vessels ignored warnings and traversed a mined route. The IRGC warned that collaboration with the “aggressor enemy” would delay reopening the waterway, risking a global energy crisis.
The Strait of Hormuz is a critical transit point for roughly 20% of global oil supplies. Prior incidents in the region, such as attacks on tankers in 2019, triggered sharp price spikes and heightened volatility in crude markets.
West Texas Intermediate (WTI) crude climbed 1.54% to $79.02 amid the escalation, reflecting concerns over supply disruptions in the Middle East.