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Oil prices climb as Hormuz tensions rekindle suppl…

ByJustpaste.in

Global oil prices moved higher on Friday as renewed uncertainty surrounding the Strait of Hormuz fueled concerns over potential disruptions to one of the world’s most critical energy shipping routes.

Brent crude futures rose 80 cents, or nearly 1%, to $83.29 per barrel, while US West Texas Intermediate (WTI) crude gained 64 cents to reach $77.93 per barrel. The increase followed a sharp rally in the previous session, when prices surged by more than $3 after reports that Iran was considering new restrictions on maritime traffic through the strategic waterway.

Market sentiment shifted after Iranian officials proposed measures that could prohibit US and Israeli-linked vessels from transiting the Strait of Hormuz, while imposing significant financial penalties on ships from countries deemed hostile. The proposal, reportedly being reviewed by Iran’s parliament, has raised fresh concerns about the future of global energy supplies.

Analysts said the latest developments indicate that tensions between Iran and the United States remain unresolved, despite recent hopes of diplomatic progress. They noted that the market is now pricing in the possibility of a tightly managed transit system rather than a return to unrestricted shipping through the strait.

Reports also suggest that Iran is seeking transit fees ranging from 5% to 7% of cargo values, while Oman has proposed lower charges. However, industry experts believe any agreement would face significant hurdles because of US sanctions and insurance restrictions affecting international shipping.

Although crude benchmarks are still on track to post weekly losses after earlier declines driven by optimism over a possible breakthrough in the regional conflict, the renewed geopolitical uncertainty has restored upward pressure on prices.

Adding to market jitters, Yemen’s Houthi movement claimed missile and drone attacks targeting Saudi positions in Marib and Hadramout, further highlighting the fragile security situation in the region.

Meanwhile, US President Donald Trump expressed optimism that the conflict could end soon, but investors remain cautious as uncertainty continues to dominate the global oil market.

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