Oil prices surge after attacks and crisis in the Strait of Hormuz

(Patria) - Brent crude oil futures prices jumped by up to 13 percent, reaching $82.37 per barrel – the highest level since January 2025 – before stabilizing at $79.78, an increase of 9.5 percent.

American West Texas Intermediate (WTI) crude rose to a daily high of $75.33 (an increase of over 12 percent), then retreated to $72.90 per barrel, representing an 8.8 percent increase.

The price surge followed an exchange of attacks between Iran and Israel and the involvement of the United States, which damaged tankers and significantly disrupted supplies through the Strait of Hormuz – a key waterway connecting the Persian Gulf to the Arabian Sea.

Analysts warn that a potential prolonged closure of the strait would further push oil prices upward and cause serious disruptions in global supply, Reuters reports.