Brent crude hits $83 per barrel, marking its largest single-day gain in over six years amid renewed geopolitical tensions.
Crude oil futures climbed to their highest levels in four weeks after the US reimposed a naval blockade on Iranian ports near the Strait of Hormuz. Brent crude surged past $83 per barrel, posting a 9% daily gain—the largest since 2018.
The move follows a resumption of military strikes in the region, escalating supply concerns. Prior to the announcement, Brent had traded below $77 per barrel, with analysts citing stable OPEC+ output as a key factor in recent price stability.
Markets reacted swiftly, with energy stocks rallying and safe-haven assets gaining ground as traders priced in heightened geopolitical risks.