Crude oil prices jumped back above $94 a barrel on Thursday following fresh military exchanges between the United States and Iran. The sharp rise came after Iran announced the complete closure of the Strait of Hormuz amid escalating tensions.
Brent crude rose nearly 2.6 per cent to $94 a barrel, while West Texas Intermediate (WTI) climbed around 4 per cent to $95 in early trade.
The surge is directly linked to the resumption of hostilities after a US Apache helicopter crashed in the Strait of Hormuz.
The United States launched strikes after President Donald Trump accused Tehran of deliberately delaying negotiations on an interim peace deal.
Iranian state media reported that the Islamic Revolutionary Guard Corps (IRGC) had struck two vessels attempting to pass through the strait. Tehran has allowed some ships to cross since the conflict began through a system of tolls and government agreements. However, the US military stated on X that commercial ships are continuing to transit the Strait of Hormuz.
In an earlier post on X, President Donald Trump claimed that the US military had supported the passage of “more than 200 commercial ships” through the strait, resulting in “more than 100 million barrels of oil” reaching the market.
He added that it was the United States, not Iran, which was controlling the Strait of Hormuz.
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