Global Crude Oil Price Surges Amid Escalating US-Iran Tensions in Strait of Hormuz

The global crude oil price jumped nearly 3% on Monday after the US struck Iranian Revolutionary Guard forces inside the Strait of Hormuz.

Iran responded by firing ballistic missiles and drones at US military installations in Jordan, deepening fears over oil supply routes.

Vessel traffic through the Strait of Hormuz dropped to about five ships per day over the weekend, raising fresh shipping and freight concerns.

By 6:13 am West Africa Time, Brent crude had risen 2.45% to $90.26 per barrel, while West Texas Intermediate gained 2.31% to trade at $85.33 per barrel.