Oil Prices Rise After U.S. Strikes on Iran as Hormuz Fears Return .Global oil prices climbed after the United States launched fresh military strikes against Iran, raising renewed concerns over the security of the Strait of Hormuz and the stability of global energy supplies.
Brent crude futures rose nearly 1% to around $79 per barrel, while U.S. West Texas Intermediate (WTI) crude gained about 1% to $74.37 per barrel. UAE Murban crude recorded an even sharper increase of 6.67%, trading at approximately $74 per barrel.
Oil prices had already surged by more than $1 during Wednesday’s trading following reports of the latest U.S. military action. Earlier, U.S. President Donald Trump had warned of additional strikes against Iran, pushing both global oil benchmarks to their highest closing levels in more than two weeks.
The U.S. military said the latest operation was aimed at ensuring the Strait of Hormuz remains open for international shipping. President Trump also declared that the interim agreement intended to end hostilities with Iran was no longer in effect.
Market analysts warned that shipping companies and tanker operators are likely to adopt a more cautious approach as tensions escalate in one of the world’s most critical oil transit routes. The Strait of Hormuz handles a significant share of global crude exports, making any disruption a major concern for international energy markets.
According to U.S. officials, the strikes were carried out in response to attacks on three oil tankers transiting the Strait of Hormuz earlier this week. The military action reportedly triggered panic in several cities along Iran’s southern coast, with power outages affecting parts of the region.
Meanwhile, Iran claimed it had retaliated by targeting U.S. military installations in Bahrain and Kuwait, further heightening regional tensions.Insurance industry sources also reported that, due to rising war risks, some insurers have temporarily advised shipping companies to avoid the Strait of Hormuz, while others are reviewing their maritime insurance policies amid the worsening security situation.
