Oil prices climbed more than three percent following a new round of U.S. military strikes targeting Iranian positions near the Strait of Hormuz, a vital corridor for global oil shipments. U.S. crude futures rose to nearly $74 a barrel, while Brent crude approached $79 a barrel, marking a notable increase from pre-conflict levels.
The U.S. Central Command (CENTCOM) confirmed it launched multiple attacks aimed at degrading Iran’s ability to threaten commercial vessels and civilian mariners navigating the strait. The latest wave focused on Iranian missile systems, air defenses, small boats, radars, and weapons storage facilities surrounding the waterway.
In response, Iranian forces fired on commercial ships in the area, prompting U.S. aircraft to intercept an Iranian cruise missile and a one-way attack drone. CENTCOM emphasized that despite Iran’s claim to have closed the strait, maritime traffic continues to flow legally through the region, with intelligence firms tracking multiple vessels passing on the southern route.
Despite this, shipping volumes remain significantly reduced compared to pre-conflict numbers, with far fewer vessels navigating the strait daily. Maritime authorities have urged heightened caution due to the volatile security environment.
The recent escalation reflects the third series of U.S. strikes within a 24-hour period and follows retaliatory actions by Iran targeting military and energy infrastructure across the Gulf. These tit-for-tat attacks have already caused damage to border posts and offshore platforms, with casualties reported among personnel working in the region.