Oil prices rose significantly after the United States carried out new military strikes on Iran, including an attack on a military installation in Bandar Abbas, one of the country’s strategic port cities.
The US Central Command (Centcom) also disclosed that American forces destroyed four Iranian drones near the Strait of Hormuz after they were identified as potential threats.
In reaction to the renewed tensions, Brent crude, the international oil benchmark, gained 3.75% to reach $97.83 per barrel, while US crude climbed 4% to $92.22 per barrel.
The latest escalation comes even as Tehran and Washington continue ceasefire talks aimed at ending the three-month conflict that has severely disrupted movement through the Strait of Hormuz.
The shipping route remains one of the world’s most critical energy corridors, handling nearly 20% of global oil and liquefied natural gas exports.
Iran had previously warned that it could target vessels using the Strait after the United States and Israel launched attacks on the country on February 28, raising concerns over further disruptions to global energy supply and fuel prices.