OIL

climbs 13% to four‑year high as escalation near Strait of Hormuz threatens supply routes

Oil prices recorded their steepest jump in four years after renewed conflict in West Asia prompted tanker operators to halt movements through the Strait of Hormuz, one of the world’s most vital energy corridors. Brent crude briefly surged more than 13 per cent past USD 82 a barrel, while West Texas Intermediate traded near USD 72, reflecting mounting supply fears as geopolitical hostilities intensified. The price spike followed a weekend of heavy military action, with Israel launching fresh strikes on Tehran and Iran responding with missile barrages. Iranian officials said three tankers were damaged off the Gulf coast, resulting in one fatality. The disruption sharply tightened market sentiment, with shipowners and traders electing to suspend transits amid rising security risks in the region. As of 7:22 AM, Brent Crude price was trading 7.78 per cent higher at USD 77, and WTI Crude was trading 5.55 per cent higher at usd 70.79.