Military action near the Strait of Hormuz pushes WTI crude up 39 cents as tensions escalate amid stalled negotiations.
The US military conducted airstrikes on empty Iranian Very Large Crude Carriers attempting to bypass a blockade, according to reports. The strikes targeted vessels near the Strait of Hormuz, a critical chokepoint for global oil shipments.
Iran and the US remain far apart in negotiations, with trust eroding after recent military actions. An explosion was also reported near Sirik, Iran, though details remain unclear. The US insists the strikes do not signal a resumption of broader conflict.
WTI crude oil climbed 39 cents to $95.20 amid the escalation. Meanwhile, state-owned Chinese oil firms resold cargoes to European and Asian buyers, capping price surges and collapsing trading premia.