SINGAPORE – Global oil prices moved higher as escalating tensions between the United States and Iran raised concerns over disruptions to energy supplies, particularly around the strategically important Strait of Hormuz.
West Texas Intermediate (WTI) crude increased by $1.98, or 2.40%, reaching $84.47, while Brent crude gained $2.30, or 2.61%, to trade at $90.40.
The rise in crude prices came as the two countries continued exchanging military strikes, intensifying fears over the stability of regional energy flows. The Strait of Hormuz, a key route for global oil shipments, has become a major focus amid the ongoing tensions.
Market sentiment remained supported by concerns that prolonged conflict could affect oil and gas transportation in the region, creating uncertainty over future supplies.
Earlier, US Central Command (CENTCOM) said it has successfully completed the ninth consecutive evening of strikes against Iran amid rising tensions of Strait of Hormuz.
CENTCOM assets targeted Iranian military command centers, air defense and coastal surveillance sites, maritime capabilities, missile and drone launch sites, and communications networks to further diminish Iran’s ability to attack commercial vessels and civilian mariners transiting the Strait of Hormuz.
The US military is holding Iran accountable at the Commander in Chief’s direction. CENTCOM forces remain highly vigilant, focused, lethal, and ready.
IRGC warns Strait of Hormuz ‘not safe’ amid US ‘aggression’
Iran’s Islamic Revolutionary Guard Corps (IRGC) claimed on Monday that two oil tankers were damaged by explosions and left stranded while attempting to travel through a southern route of the Strait of Hormuz, which it described as unsafe. According to the IRGC, the vessels had allegedly been encouraged by the United States military to use that route.
The claims could not be independently verified, and no immediate confirmation was available from international authorities or shipping agencies. The IRGC statement did not disclose the identities of the tankers, their national flags, the number of crew members on board, or whether there were any injuries or fatalities.
In its statement, the IRGC asserted that navigation through the Strait of Hormuz would remain hazardous as long as it viewed US military actions in the region as hostile. It warned that the strategic waterway would not be secure for the transportation of oil, gas, or other petrochemical cargoes under the current circumstances.
