Iran’s Revolutionary Guard declares the Strait of Hormuz closed, escalating tensions and lifting oil prices amid US strikes on Iranian targets.
Brent crude prices approached USD 95 per barrel after Iran’s Revolutionary Guard declared the Strait of Hormuz closed and reported attacks on vessels. The US launched retaliatory strikes on Iranian military assets, further heightening regional tensions.
Iran claimed drone and missile strikes on US bases in Kuwait, Bahrain, and Jordan, while US Central Command stated commercial traffic in the Strait continued. Prior sessions saw modest price movements despite the escalation.
Oil markets reacted with upward pressure, though overnight trading remained relatively subdued. The Strait of Hormuz is a critical chokepoint for global oil shipments, amplifying supply disruption concerns.