Oil Prices Surge 3% Amid Renewed US-Iran Tensions

According to the International Desk of Webangah News Agency, Brent crude oil futures rose by $2.34 (3.08%) to settle at $78.35 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed by $2.21 (3.09%) to reach $73.62 per barrel. This uptick in oil prices is attributed to the ongoing U.S. military actions against Iran and Tehran’s reciprocal measure of blocking the Strait of Hormuz due to repeated violations of the ceasefire agreement between the two nations.

Despite claims by U.S. President Donald Trump that the Strait of Hormuz remains open for commercial shipping, ship-tracking data from Kepler indicated that only six vessels transited the strait on Sunday, marking the lowest daily figure in the past five weeks. One of these vessels was reportedly carrying 2 million barrels of Iranian oil.

The International Energy Agency’s monthly report noted that global oil supply increased by 4.1 million barrels per day in June, yet it remains approximately 9.4 million barrels per day below pre-war levels. Analysts at ANZ Bank commented in a note, “Hopes for a relatively swift resolution to recent conflicts may face doubt following the escalation of tensions over the weekend.”