Global (HRNW)- The global oil market has witnessed a significant surge in crude oil prices following reported clashes between the United States and Iran in the Strait of Hormuz, raising concerns among investors and energy markets worldwide.
According to international media reports, recent tensions between US and Iranian forces have put the ceasefire at risk, triggering sharp fluctuations in global oil prices. As a result, energy markets have become increasingly volatile and uncertain.
Benchmark Brent crude oil prices rose by approximately 7.5% during trading on Thursday, before seeing a partial decline when Asian markets opened. Despite this correction, Brent crude remained elevated at $101.12 per barrel. At one point during the day, prices had even reached $103.70 per barrel, reflecting heightened market anxiety.
Meanwhile, US crude oil prices also increased by nearly 3%, reaching $97.26 per barrel. Energy analysts say the ongoing tensions and potential conflict in the Strait of Hormuz are disrupting global oil supply routes, contributing to sustained price increases.
Experts estimate that the current situation could impact the global supply of approximately 14.5 million barrels of oil per day, creating significant uncertainty in international energy markets. They further warn that any escalation between the US and Iran could have severe consequences for the global economy, energy security, and petroleum prices worldwide.
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