Brent and WTI Rise Nearly 2 Percent
Oil prices jumped nearly 2 percent on Wednesday after the United States launched airstrikes against Iran and restored sanctions on Iranian crude exports. The move increased fears that the fragile ceasefire between Washington and Tehran could collapse.
Brent crude futures rose $1.38, or 1.9 percent, to $75.54 a barrel. US West Texas Intermediate crude also gained $1.37, or 1.9 percent, to $71.81 a barrel by 0128 GMT.
Both oil benchmarks had already climbed around 3 percent on Tuesday after Washington revoked the general license that allowed the sale of Iranian crude.
Strait of Hormuz Fears Shake Energy Markets
The US military said the strikes were carried out in response to Iranian attacks on three commercial vessels passing through the Strait of Hormuz. The waterway is one of the world’s most important routes for global energy exports.
Analysts said the latest escalation has again exposed the vulnerability of oil shipments through the Middle East. Any disruption in the Strait of Hormuz could tighten global crude supplies and push prices higher.
Ceasefire Risk Fuels Market Uncertainty
Oil prices had earlier dropped to pre-conflict levels after the United States and Iran agreed to a truce last month. Traders had also built large short positions, expecting higher Middle Eastern exports to create an oversupplied market.
The latest US strikes and renewed sanctions have changed that outlook. Investors are now watching whether tensions will ease again or move toward a wider conflict that could threaten global oil flows.
