Middle East Conflict Sends Oil Prices Soaring Amid Strait of Hormuz Disruptions

The escalating conflict between the US and Iran has sent crude oil prices surging as concerns grow about supply disruptions in the Middle East.

Brent crude futures rose over 8% to $83.79 a barrel, while WTI climbed nearly 7.5% to $76.54 after hitting their highest since July 2024 and June respectively.

The Strait of Hormuz, through which around 25% of the world's oil passes, has become increasingly volatile with tankers and ships avoiding the waterway due to insurance cancellations and soaring shipping rates.

A senior Iranian Revolutionary Guards official stated that the Strait is closed and warned Iran would fire on any ship trying to pass through.