Oil prices rise as Washington retaliates with military action and revokes Iranian crude export licenses amid escalating Strait of Hormuz tensions.
Brent crude settled 3% higher near $74.00 per barrel after the US launched strikes on Iran and revoked its crude oil export license. The moves followed attacks on a Qatari LNG carrier and a Saudi tanker in the Strait of Hormuz, which Iran claims to safeguard under a Versailles memorandum.
Prices remain near post-February lows despite the incident, as OPEC+ production increases and Saudi discounts weigh on the market. Analysts note the tape reflects an incident premium rather than expectations of a prolonged closure.
The US Central Command labeled Iran’s actions an unjustified breach of the ceasefire, escalating financial and kinetic pressure simultaneously. Markets reacted swiftly, pushing Brent toward $76.00 in after-hours trading.