Global Oil Prices Jump Nearly 4% After Fresh US-Iran Tensions

Global oil prices rebounded nearly 4 per cent on Thursday after fresh tensions between the United States and Iran reignited concerns over possible supply disruptions and uncertainty surrounding the Strait of Hormuz.

International benchmark Brent crude rose 3.83 per cent to trade at $97.91 per barrel, while US benchmark West Texas Intermediate (WTI) climbed around 4 per cent to nearly $92 per barrel.

The recovery followed a sharp decline in the previous trading session.

Reports indicated that US forces carried out defensive airstrikes on a military site in Iran, intercepted drones targeting a commercial vessel, and struck a launch unit linked to the attacks.

The latest developments intensified concerns over the security of oil supplies passing through the strategically important Strait of Hormuz.

The renewed tensions come amid continuing disagreements between Washington and Tehran over efforts to reopen and secure the waterway.

US President Donald Trump dismissed reports suggesting Iran and Oman could jointly oversee the strait and insisted that the route must remain open for all countries.

“The strait’s going to be open to everybody,” Trump said, while reiterating that the United States would continue monitoring the region closely.

Negotiations between Washington and Tehran remain tense over Iran’s nuclear programme and control of the Strait of Hormuz.

Trump ruled out sanctions relief and said the US would not accept a weak deal, while Iran continued demanding financial relief and an end to military action.

Oil prices had dropped sharply on Wednesday, with Brent crude settling at $94.29 per barrel and WTI at $88.68, before rebounding strongly on Thursday.

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