Oil rises 3% on Hormuz tensions

Global oil prices rose by approximately 3% amid escalating military tensions between the United States and Iran, causing Brent crude to surpass the $90 per barrel mark for the first time since June 11. Concern over potential disruptions to oil supplies through the Strait of Hormuz—through which about one-fifth of global oil trade passes—heightened during this period. The increase followed American airstrikes targeting Iranian sites and deteriorating navigation conditions in the strait, with reports of explosions and the halting of two oil tankers. Additionally, the United States imposed a naval blockade, further increasing regional tensions and leading to rising oil prices along with forecasts of more volatility ahead.

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