Crude Oil Prices Soar as US-Iran Conflict Threatens Hormuz Supply
Crude oil prices surged for the fourth consecutive day as tensions between the US and Iran escalated, threatening energy supply disruptions through the Strait of Hormuz.
The conflict has raised concerns about global energy supplies passing through this critical chokepoint. Analysts emphasize that the Strait of Hormuz is a key oil transit route, with mining threats causing significant market fear.
According to Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities, 'Mining the strait has always been this market's single biggest fear.' He notes that mines do not distinguish between flags and take months to clear, even preparation is enough to reprice risk.
In international markets, Brent oil futures for November delivery rose USD 2.88, or 3.3%, to USD 90.98 per barrel on the Intercontinental Exchange (ICE). The West Texas Intermediate (WTI) crude for October contract went up by USD 2.37, or nearly 3%, to USD 85.77 per barrel on the New York Mercantile Exchange (NYMEX).