Oil prices rose sharply on Friday after new tensions between the U.S. and Iran threatened to disrupt the Strait of Hormuz, an important route for shipping crude oil.
West Texas Intermediate (WTI) crude futures went up 2.58% ($2.45) to $97.26 per barrel as of 22:33 GMT, after briefly rising more than 3%.
In the previous session, the contract closed 27 cents lower at $94.81, showing how volatile the market is. Brent crude was about $100 per barrel, reflecting higher risk due to the situation.
The surge followed confirmation by U.S. Central Command (CENTCOM) that American forces carried out retaliatory strikes on Iranian military facilities after three Navy destroyers came under attack while transiting the Strait of Hormuz.
CENTCOM said the strikes targeted missile and drone launch sites, command centres, and surveillance facilities linked to the attacks.
Iran’s military said that the U.S. broke the ceasefire by targeting two ships in the strait and hitting civilian areas on Qeshm Island.
Iranian state media reported exchanges of fire with “the enemy,” and officials in Tehran said the U.S. actions had affected ongoing mediation efforNearly 20% of the world’s oil passes through the Strait of Hormuz, which has seen more U.S. and Iranian military activity since tensions grew earlier this year.
Analysts warn that if the disruption lasts, oil prices could rise further and hurt countries that import energy.mies.
Diplomatic efforts are ongoing, with Pakistan and Qatar helping to mediate talks to reopen the strait and reduce tensions. Still, repeated clashes have raised doubts about how long the ceasefire will last.
President Donald Trump called the strikes “a love tap,” but said the U.S. would take stronger action if Iran rejected the proposed deal.
Meanwhile, tensions in the region have grown, as Hezbollah has stepped up attacks on Israeli positions in Lebanon, raising fears of a larger conflict in the Middle East.
