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Oil prices extended their rally on Thursday as escalating tensions between the United States and Iran heightened concerns over potential disruptions to Middle East crude supplies, with renewed security risks in the Strait of Hormuz adding a fresh geopolitical premium to global energy markets.
West Texas Intermediate (WTI) crude futures climbed 1.12% to $74.34 per barrel, while Brent crude futures also gained 1.12% to $78.89 per barrel during early Asian trading. The advance followed a sharp surge of more than 8% in the previous session after President Donald Trump declared the U.S.-Iran ceasefire effectively over, authorized fresh strikes on Iranian targets, and warned that additional military action could follow. Iran responded by threatening retaliation and renewing warnings over navigation through the Strait of Hormuz.
Investor concerns intensified after several commercial vessels were attacked near the strategic waterway, a vital route for global oil exports. Among the reported incidents were strikes involving a Qatari LNG tanker, a Saudi crude tanker, and another commercial vessel, while an additional tanker off the coast of Oman caught fire after being hit by an unidentified projectile. Although no casualties were reported, several shipping operators delayed or rerouted vessels due to growing security concerns.
The U.S.-led Joint Maritime Information Center raised the shipping threat level in the Strait of Hormuz to "severe," while the International Maritime Organization urged vessels transiting the region to exercise extreme caution. The latest U.S. military action was described as an effort to reduce Iran's ability to threaten commercial shipping, but Tehran reiterated that U.S. military assets and regional navigation could face further retaliation.
The renewed conflict has cast doubt on the recent recovery in Gulf oil exports, with traders increasingly concerned that additional attacks could interrupt crude shipments from one of the world's most important energy corridors.
Analysts at ANZ said the latest escalation has revived fears that a breakdown in the interim U.S.-Iran agreement could disrupt Persian Gulf oil supplies. The bank also noted tightening fuel markets after Russia extended diesel export restrictions through July, while U.S. government data showed declining gasoline and distillate inventories alongside strong fuel export demand despite a rise in commercial crude stockpiles.
Markets will continue monitoring developments in the U.S.-Iran conflict, shipping activity through the Strait of Hormuz, and any further disruptions that could influence global oil prices.
