Crude oil prices have climbed to $92.70 per barrel amid mounting fears of global supply disruptions triggered by Iran’s closure of the Strait of Hormuz.
The surge follows Iran’s retaliatory strikes on US bases across Gulf nations — including Bahrain, Kuwait, Qatar, and the UAE — as well as massive missile attacks on Israel, in response to the killing of Supreme Leader Ayatollah Ali Khamenei.
Last Saturday, the United States and Israel launched airstrikes on Iran that killed Khamenei along with more than 48 senior military figures, including the Defence Minister, IRGC Commander, and Army Chief Amir Hatami, in an attempt to decapitate the leadership and destabilise the regime.
Despite the losses, Iran’s decentralised command structure and Khamenei’s prior succession arrangements have enabled the country to maintain cohesion and launch a full-scale military campaign against Israel and the United States.
The ongoing conflict has fuelled uncertainty in global markets, driving crude oil prices up 8.5 per cent on Saturday alone and more than 30 per cent since the war began.
Traders are closely watching developments in the strategically vital Strait of Hormuz, which Iran has repeatedly threatened to close.
Roughly 20 per cent of the world’s oil supply passes through this critical chokepoint, while nearly 90 per cent of the Middle East’s food and other imports depend on the waterway.
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