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Oil prices climbed sharply in Asian trading on Monday as escalating tensions between the United States and Iran fueled concerns over potential disruptions to global crude supplies. The latest surge followed renewed military exchanges and Iran's announcement that it had closed the Strait of Hormuz, one of the world's most important oil shipping routes.
Brent crude futures for September delivery rose 3.2% to $78.46 per barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 3.4% to $73.83 per barrel. Both benchmarks had already posted gains of more than 4% during the previous week as geopolitical risks intensified.
The latest rally came after Iran expanded missile and drone attacks on Gulf nations, including Qatar and the United Arab Emirates, in response to recent U.S. military strikes. Tehran also declared the Strait of Hormuz closed after reporting that a commercial vessel had been hit, raising fears of prolonged supply disruptions across global energy markets.
The United States disputed Iran's claim, with President Donald Trump stating that commercial shipping through the strategic waterway remained open under U.S. military protection. Despite those assurances, shipping activity slowed significantly over the weekend, adding to concerns that any sustained disruption could reduce oil exports and increase transportation costs.
The Strait of Hormuz is a critical transit route for crude exports from Saudi Arabia, Iraq, Kuwait, the United Arab Emirates, and other Gulf producers. Any interruption to traffic through the passage could tighten global oil supplies, particularly for Asian importers, while also driving up freight rates and insurance premiums.
Investors are now closely monitoring whether major oil-producing countries will coordinate a response or whether governments will release crude from strategic petroleum reserves if supply risks escalate further.
The renewed conflict has restored a significant geopolitical risk premium to the oil market after recent diplomatic efforts between Washington and Tehran failed to ease tensions. Traders remain focused on developments in the Middle East, with any further escalation likely to keep crude prices volatile in the coming days.
