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Oil prices climbed sharply on Thursday, extending a strong rally driven by escalating geopolitical tensions and supply concerns linked to the ongoing U.S.-Iran conflict. Brent crude briefly crossed the $120 per barrel mark for the first time since June 2022, highlighting growing anxiety in global energy markets. As of 20:35 ET (00:35 GMT), Brent futures were up 1.5% at $119.75 per barrel after touching an intraday high of $120.34. Meanwhile, West Texas Intermediate (WTI) crude rose 0.3% to $107.25 per barrel.
The surge in oil prices this week has been fueled by reports that U.S. President Donald Trump is considering an extended naval blockade against Iran. Such a move has intensified fears of further disruption in oil supply, especially as Iran could retaliate by continuing to block the Strait of Hormuz. This critical shipping route handles nearly 20% of the world’s oil supply, making any disruption a major concern for global markets.
Shipping activity through the Strait of Hormuz has already slowed significantly since Iran restricted access in late February, contributing to tightening supply conditions. Market sentiment remains highly sensitive as prolonged restrictions could worsen the imbalance between supply and demand, pushing crude oil prices even higher.
Efforts to resolve the crisis remain uncertain. A recent report indicated that the U.S. is attempting to build an international coalition to reopen the waterway, although key allies have shown limited willingness to participate. Frustration has grown within the U.S. administration, with criticism directed at NATO members for their lack of military support.
Diplomatic talks between the U.S. and Iran have largely stalled due to disagreements over nuclear policy, despite a temporary ceasefire extension. Adding to market complexity, the United Arab Emirates recently announced plans to exit OPEC, though it is unlikely to boost production in the short term due to regional instability.
With geopolitical risks escalating and supply disruptions persisting, oil markets are expected to remain volatile, keeping investors closely focused on developments in the Middle East.
