Oil Surges Past $86 as US Restores Naval Blockade on Iran
Oil prices jumped for a second consecutive session after US President Donald Trump restored a naval blockade on Iranian ports and launched fresh strikes on Wednesday, escalating tensions in the strategic Strait of Hormuz.
Brent crude rose by $1.46, or 1.72%, to $86.19 a barrel by 0029 GMT, while West Texas Intermediate surged $1.11, or 1.4%, to $80.40 a barrel. On Tuesday, oil prices had already hit a four-week high, rising 2% amid deepening supply concerns in the Strait of Hormuz, a waterway that handles about one-fifth of global energy supplies.
The US Central Command said the strikes were conducted to “continue degrading Iranian capabilities used to attack commercial shipping in the Strait of Hormuz.” The operation lasted seven hours, according to the command.
The developments mark a significant escalation in the region, with the restored naval blockade and ongoing strikes raising fears of further disruptions to oil shipments through the crucial chokepoint.
