Iran’s closure of the key oil chokepoint sends Brent crude up 2.26% amid heightened Middle East tensions.
Brent crude jumped 2.26% to $95.20 a barrel in early Asian trading after Iran declared the Strait of Hormuz closed following fresh U.S. military strikes. West Texas Intermediate rose 2.5% to $92.30, extending a week of sharp swings tied to escalating regional conflict.
Both benchmarks have seesawed as attacks and deal rumors alternate. The latest surge follows the downing of a U.S. Apache helicopter near the strait, a critical route for global oil shipments.
No immediate market reaction data was reported beyond the price moves.