Oil surges as US-Iran conflict rattles energy markets
Global oil prices climbed about 3% on Sunday as the United States and Iran exchanged fresh military strikes, raising concerns over energy supplies through the Strait of Hormuz, reports a Qazinform News Agency correspondent.
Brent crude, the international benchmark, rose 3% to around $90.78 a barrel, while U.S. West Texas Intermediate (WTI) crude gained nearly 3% to $84.85 a barrel.
The latest increase followed more than a week of tit-for-tat attacks between Washington and Tehran, with investors closely monitoring shipping activity in the Strait of Hormuz, through which roughly 20% of the world's oil supply passes.
Traffic through the strategic waterway has declined since tensions escalated last week. On Wednesday, the United States reimposed its naval blockade of Iranian ports, prompting some vessels to divert along the Omani coastline, a route not recognized by Tehran.
The conflict has also pushed fuel prices higher. According to AAA, the U.S. national average for gasoline stands at $3.992 per gallon, about 34% higher than before the conflict began, though it remains just below the $4 mark.
Investor sentiment also weakened, with Dow Jones, S&P 500 and Nasdaq futures each falling around 0.2% as markets assessed the geopolitical risks.
Earlier, Qazinform News Agency reported that the U.S. Central Command (CENTCOM) announced the conclusion of its latest wave of military strikes against Iran, according to a statement posted on X.