Strikes Near Strait of Hormuz Push Oil Prices Higher

(MENAFN) Global oil markets have experienced a sharp rise after reports that at least three vessels were targeted near the Strait of Hormuz, amid continued Iranian strikes across the Middle East in response to US and Israeli actions, according to reports.

Two ships were directly hit, while an “unknown projectile” reportedly “exploded in very close proximity” to a third vessel, as stated by the UK Maritime Trade Operations Centre (UKMTO).

Iran has issued warnings against navigation through the strait, which handles approximately 20% of the world’s oil and gas supply.

International shipping has nearly halted at the strait’s entrance, with analysts cautioning that a prolonged escalation could drive energy prices even higher. In early Monday trading in Asia, global oil prices jumped more than 10% before easing slightly later in the morning. Around 07:00 GMT, Brent crude was over 8% higher at $78.72 per barrel, while US-traded oil rose about 7.6% to $72.20.

Saul Kavonic, head of energy research at MST Marquee, told reports, “The market isn't panicking. There is more clarity that so far, oil transport and production infrastructure hasn't been a primary target by any side.” He added, “The market will be watching for signs that traffic through the Strait of Hormuz returns, which would see oil prices subside again.”

However, some analysts have warned that prolonged conflict could push prices above $100 per barrel. On Sunday, the Opec+ group announced plans to increase output by 206,000 barrels per day to mitigate price rises, though some experts remain skeptical about the measure’s effectiveness.

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