Global oil prices jumped around 5% after reports of a potential confrontation involving a U.S. warship in the Strait of Hormuz heightened market tensions.
According to Fars News Agency, a U.S. vessel was warned by Iranian forces while attempting to pass through the strait, and missiles were reportedly fired near the ship. However, a senior U.S. official, cited by Axios, denied that any American ship had been struck.
Amid the uncertainty, Brent crude rose by $5.52 (5.1%) to $113.69 per barrel, while West Texas Intermediate increased by $5.10 (5%) to $107.04 per barrel.
The price surge reflects ongoing disruptions to oil shipments through the Strait of Hormuz, a key global energy corridor through which a significant share of the world’s oil supply passes.
Donald Trump stated that the United States would begin efforts to assist vessels affected by the situation, but shipping through the strait remains restricted and oil prices continue to stay above $100 per barrel.
Meanwhile, OPEC+ and its allies announced plans to increase output by 188,000 barrels per day in June, marking a third consecutive monthly rise. However, analysts note that increased production may have limited impact if disruptions in the Gulf persist.
The situation underscores how geopolitical tensions in the region continue to drive volatility in global energy markets.
