Oil Prices Surge Amid US-Iran Conflict in Strait of Hormuz

Oil prices surged on Wednesday as commercial traffic through the Strait of Hormuz plummeted following fresh US-Iranian military exchanges. The conflict has raised concerns that it could further restrict a waterway critical to global energy supplies.

Brent crude rose to around $95.68 a barrel, while US West Texas Intermediate crude reached approximately $90.83 after gains of more than $4 the previous day.

Preliminary shipping data showed only four commodity vessels transited Hormuz on Tuesday, compared with 10 a day earlier and an average of about 13 over the preceding 10 days.

The Strait of Hormuz is a vital waterway between Iran and Oman that carries nearly one-fifth of global oil consumption. Any sustained disruption would be a major concern for importers, producers, and financial markets.