Brent and WTI crude jump to two-week highs as geopolitical tensions escalate in the Strait of Hormuz following US retaliation.
Oil prices climbed more than 7% to a two-week peak after the US declared an end to its interim ceasefire with Iran, dismissing a recent memorandum as ineffective. Brent crude rose 7.6% to $79.76 per barrel, while WTI gained 7.2% to $75.4 per barrel by mid-morning trading.
The surge follows Iran’s attack on three commercial vessels in the Strait of Hormuz on Tuesday, prompting US retaliatory strikes. Prior to the escalation, oil prices had stabilized near $74 for Brent and $70 for WTI, reflecting subdued geopolitical risks in recent weeks.
Markets reacted swiftly to the renewed hostilities, with energy stocks rallying and safe-haven assets gaining traction amid heightened uncertainty.