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Oil prices climbed during Asian trading on Monday as renewed U.S.-Iran military tensions raised concerns about further disruptions to crude shipments through the Strait of Hormuz, a critical route for global energy supplies.
Brent crude futures for November delivery rose 1.7% to $89.62 per barrel as of 00:07 GMT, while West Texas Intermediate (WTI) crude futures advanced 1.6% to $84.69 per barrel.
The rally followed a U.S. military operation on Sunday targeting two Iranian launchers on Larak Island, near the Strait of Hormuz. The action marked the first known American strikes against Iran since late July and heightened fears that the regional conflict could further threaten oil supply.
A U.S. official reportedly said forces belonging to Iran's Islamic Revolutionary Guard Corps had been preparing to fire rockets carrying sea mines into the strategic waterway.
Iran subsequently launched missiles toward U.S. forces stationed in Jordan in apparent retaliation, Fox News reported, citing a U.S. source. Nearly all of the incoming missiles were reportedly intercepted, with no significant impact reported so far.
The escalation has renewed concerns about Middle East oil supply security. The Strait of Hormuz normally handles roughly one-fifth of global oil supplies, making any disruption a major risk for international energy markets.
Shipping through the strait has already fallen sharply amid persistent attacks and heightened security threats. Reports over the weekend indicated that vessel crossings had dropped to only a handful per day.
Oil markets have remained highly sensitive to developments in the Middle East, with Brent crude fluctuating in response to military escalation, ceasefire negotiations and expectations for the restoration of shipping through Hormuz. Earlier in August, uncertainty surrounding a potential U.S.-Iran peace agreement helped push Brent to its highest closing level since late July.
Traders are also monitoring broader oil supply developments. U.S. President Donald Trump said Sunday that Washington plans to begin replenishing the Strategic Petroleum Reserve with crude obtained through a new agreement with Venezuela, adding another factor for energy markets to assess.
