Oil prices spike after U.S. reimposes naval blockade on Iran and Tehran retaliates with tanker strikes in the Strait of Hormuz.
Brent crude jumped above $85 a barrel after the U.S. reinstated a naval blockade on Iranian ports and struck coastal targets, prompting Tehran to retaliate by attacking tankers in the Strait of Hormuz. The move marks the collapse of the June cease-fire, which had briefly stabilized prices in the mid-$70s.
Earlier this year, Brent had twice tested similar highs before retreating under the truce. The strait, a critical chokepoint for global oil shipments, remains volatile as tensions escalate. Analysts warn of further supply disruptions if hostilities persist.
The price surge reflects immediate market concerns over reduced oil flows through the region, with traders pricing in heightened geopolitical risk premiums.