"Brent crude prices jumped 10% to about $80 a barrel over the counter on Sunday, oil traders told Reuters. That's after the global benchmark had been surging in the days leading up to the first airstrikes early Saturday as tensions mounted, closing at a seven-month high of $73 a barrel on Friday."
"But the bigger risk centers on the potential for Iran to close off the Strait of Hormuz, where a fifth of all the world's oil passes through on the way to export markets. Analysts have estimated that any Iranian moves to close off the strait could send prices to $100 per barrel."
"Hundreds of tankers carrying oil and liquid natural gas have dropped anchor or remain stationary near the Strait of Hormuz, according to shipping data compiled by Reuters. That's after tanker owners, oil majors and trading houses suspended shipments via the strait on Saturday as a precautionary move."
Energy markets are reacting sharply to escalating U.S.-Israel military operations against Iran. Brent crude prices surged 10% to approximately $80 per barrel following airstrikes that began Saturday, building on pre-existing tensions. Iran supplies 4.7 million barrels daily, representing 4.4% of global oil production, primarily shipped to China through shadow fleet operations. The primary market concern centers on Iran potentially closing the Strait of Hormuz, through which one-fifth of global oil transits. Analysts estimate such closure could push prices to $100 per barrel. Currently, hundreds of tankers remain stationary near the strait as precautionary measures. Major shipping companies, including Maersk, have suspended operations through the waterway, while Greece advised vessels to avoid the region. The Islamic Revolutionary Guards Corps warned against passage, though Iran's foreign minister stated no current intention to close the strait.
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