NEW YORK(The COW News Digital) Crude oil prices continued to climb in international markets as growing concerns over disruptions to global energy supplies pushed prices higher.
According to foreign media reports, fresh attacks involving the United States and Iran on vessels passing through the Strait of Hormuz have intensified fears that oil supplies could face a prolonged disruption.
During early trading, Brent crude rose by 0.54 percent to reach $96.80 per barrel. Meanwhile, West Texas Intermediate (WTI) crude gained 0.72 percent, reaching $92.14 per barrel.
The latest increase follows a sharp rise in oil prices recorded during the previous week. Brent crude ended the week with a gain of approximately 7.8 percent, while WTI posted an increase of nearly 10 percent.
Market participants are increasingly concerned about the impact of reduced shipping activity through the Strait of Hormuz, one of the world’s most important routes for the transportation of crude oil and petroleum products.
A significant reduction in oil shipments through the strategic waterway could place further pressure on international supplies and push prices higher. The latest developments have therefore increased uncertainty across global energy markets, with traders closely monitoring developments involving Iran, the United States and maritime traffic in the region.
Oil prices have already recorded a substantial increase since the war between the United States, Israel and Iran began on February 28. Since the start of the conflict, Brent crude has risen by more than 30 percent, highlighting the growing sensitivity of energy markets to developments in the Middle East.
The Strait of Hormuz is particularly important to the global oil market because large volumes of crude and petroleum products normally pass through the waterway every day. Any sustained disruption could affect supplies reaching major international markets.
The decline in tanker and commercial vessel movement has consequently become a major concern for energy traders. Prolonged uncertainty could also increase transportation costs and contribute to further volatility in crude oil prices.
Analysts and market participants are now watching whether the latest tensions lead to additional disruptions in the region. A continued reduction in oil flows through the Strait of Hormuz could create further upward pressure on prices, particularly if alternative supply routes are unable to compensate for the decline.
