Strait of Hormuz conflict causes oil prices to surge by 6%… Global energy markets fluctuate

New York oil prices surged sharply, causing another upheaval in the international energy market. The recent spike in oil prices is due to Iran blocking the Strait of Hormuz, which transports about 20% of the world’s oil. Concerns over supply chain disruptions have intensified.

Iran’s Islamic Revolutionary Guard Corps attacked civilian ships in the Strait of Hormuz and laid mines, declaring the strait blocked. As tensions between Iran and the United States reached a peak, the Iranian government cut off access through this major shipping route. This news boosted buying sentiment for crude oil, and as a result, West Texas Intermediate (WTI) rose 6.28% from the previous day, trading at $71.23 per barrel.

The U.S. continues military actions against the Iranian regime, including large-scale strikes on Iranian airbases over the weekend and the killing of key leaders. This has further destabilized Iran’s political situation and increased concerns about future oil supply uncertainties. The U.S. government estimates that military operations could last 4 to 5 weeks, but some assessments suggest the conflict could become prolonged, potentially involving ground forces.

Market experts believe that the timing of the resumption of traffic through the Strait of Hormuz will be the most significant factor influencing oil prices. Some shipping companies have already begun adjusting their routes to reduce risks, with several cancellations of voyages. If this situation persists, there is a possibility that Brent crude could break through $100 per barrel.

Ultimately, this instability in the international market is expected to have ripple effects on global energy prices, with a high likelihood of continued short-term increases in oil prices. When the tension between Iran and the U.S. will be resolved remains uncertain, but energy markets are expected to react sensitively to any changes in the situation.