Oil Prices Climb After US-Iran Clash in Strait of Hormuz
Rising tensions between the United States and Iran in the Strait of Hormuz triggered fresh concerns over global energy supplies and oil prices.
- Oil prices climbed sharply after the US and Iran exchanged fire in the Strait of Hormuz.
- Donald Trump said the US carried out defensive strikes following attacks on American warships.
- Brent crude briefly surged close to $103 per barrel amid fears of further disruption to global energy shipments.
Global oil prices surged on Friday after the United States and Iran exchanged fire in the strategically vital Strait of Hormuz.
Washington said its forces carried out defensive strikes following what it described as “unprovoked” Iranian attacks on US naval vessels leaving the Gulf through the narrow shipping route south of Iran. Tehran, however, accused the US of breaching a ceasefire agreement reached in April, according to Iranian state media.
The price of Brent crude, the international benchmark for oil, jumped nearly 3% at one stage, reaching close to $103 (£75) per barrel before easing slightly to around $100.
Despite the confrontation, US President Donald Trump insisted that the ceasefire between the two countries remains active.
Iranian state media later reported that conditions in the area had “returned to normal”.
The Strait of Hormuz is one of the world’s most important energy routes, with more than 20% of global oil and gas supplies typically passing through it. Shipping activity in the region has been heavily disrupted since the outbreak of the US-Israel conflict involving Iran.
Before tensions escalated, oil prices had been trading at roughly $70 per barrel.
Trump said three US destroyers were involved in the latest military exchange. He also claimed several Iranian boats were destroyed and that missiles aimed at American warships were intercepted successfully.
Speaking to ABC News, the US president downplayed the incident, describing the Iranian strikes as “just a love tap.”
