EMEA Oil Update: Crude Oil Surges 4% as Strait of Hormuz Standoff Intensifies
Oil prices gained more than 4% on Monday as escalating military hostilities between the US and Iran ignited fears of prolonged supply disruptions. Brent crude futures rose over 4% to $79.21 per barrel, while Murban crude futures gained 4.2% to $74.07/bbl. "Further escalation in the Persian Gulf has oil prices moving higher amid renewed concerns over flows through the Strait of Hormuz," ING analysts said. US Central Command reportedly said that forces completed another massive wave of precision strikes on Sunday, hitting dozens of targets across multiple locations in Iran. In response, Iran's Islamic Revolutionary Guard Corps reportedly said Monday it had launched retaliatory attacks against US military bases in Kuwait and Bahrain, deepening fears that the conflict could expand to target neighboring countries and critical regional energy infrastructure. Iran has said that the Strait of Hormuz is officially shut until further notice. While the US pushed back directly, asserting it will actively ensure the freedom of international navigation, SEB analysts noted reality sharply contradicts Washington's public optimism. The sudden escalation has already slowed commercial vessels.
Oil prices gained more than 4% on Monday as escalating military hostilities between the US and Iran ignited fears of prolonged supply disruptions.
Brent crude futures rose over 4% to $79.21 per barrel, while Murban crude futures gained 4.2% to $74.07/bbl. "Further escalation in the Persian Gulf has oil prices moving higher amid renewed concerns over flows through the Strait of Hormuz," ING analysts said.
US Central Command reportedly said that forces completed another massive wave of precision strikes on Sunday, hitting dozens of targets across multiple locations in Iran.
In response, Iran's Islamic Revolutionary Guard Corps reportedly said Monday it had launched retaliatory attacks against US military bases in Kuwait and Bahrain, deepening fears that the conflict could expand to target neighboring countries and critical regional energy infrastructure.
Iran has said that the Strait of Hormuz is officially shut until further notice.
While the US pushed back directly, asserting it will actively ensure the freedom of international navigation, SEB analysts noted reality sharply contradicts Washington's public optimism.
The sudden escalation has already slowed commercial vessels.