Global oil prices jumped by nearly 9% on Monday as escalating tensions between the United States and Iran heightened concerns over potential disruptions to energy supplies through the strategically vital Strait of Hormuz.
According to media reports, Brent crude rose 9.1% to $82.90 per barrel, while West Texas Intermediate (WTI) crude gained 9.1% to $77.87 per barrel, reflecting growing uncertainty in global energy markets.
The sharp rise in prices followed US President Donald Trump’s announcement that the United States would reimpose a naval blockade on Iranian ports, as military exchanges and retaliatory actions between Washington and Tehran continued to intensify.
Economists said the surge in oil prices is largely driven by concerns over the Strait of Hormuz, one of the world’s most critical maritime chokepoints through which a significant share of global crude oil and liquefied natural gas exports passes.
Analysts warned that any disruption to shipping through the Strait of Hormuz or further escalation in military tensions could significantly affect global energy supplies, pushing oil prices even higher.
They added that a prolonged confrontation between the United States and Iran could sustain volatility in international energy markets, increasing fuel costs, inflationary pressures and economic challenges, particularly for oil-importing countries.
Experts cautioned that unless tensions ease, crude oil prices may continue to climb, with far-reaching consequences for the global economy, industrial production, aviation, maritime transport and consumers worldwide.
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