The global oil price climbed on Thursday as Asian markets reopened, driven by growing uncertainty over the situation in the Strait of Hormuz and Iran’s control over key shipping routes. The renewed concerns pushed both major oil benchmarks higher after a brief decline earlier this week.
Brent crude, the international benchmark from the North Sea, rose by $2.60 to reach $97.35 per barrel. At the same time, U.S. West Texas Intermediate (WTI) crude increased by $3.02, trading at $97.43 per barrel. The gains reflect market anxiety about potential disruptions to global oil supply.
Just a day earlier, the oil price had dropped below $100 per barrel following the announcement of a ceasefire between Iran and the United States. That decline marked the sharpest daily fall for WTI crude since 2020. However, the market quickly reversed course as new geopolitical risks emerged.
Ongoing Israeli strikes on Lebanon have raised doubts about the durability of the ceasefire. Iran insists that any truce must include a halt to attacks on Lebanon, while both the United States and Israel have rejected this condition. This disagreement has added to market volatility and uncertainty.
Shipping companies have also expressed concern about navigating the Strait of Hormuz, a critical route for global energy supplies. Many vessels now seek clearer guidance before passing through the area due to rising security risks.
In response, Iran has introduced a new navigation map for the strait. Authorities have urged ships to follow designated routes to avoid naval mines placed in the region. These developments have heightened fears of supply disruptions, supporting the recent rise in oil prices.
Despite the volatility, analysts believe that any sustained stability in the region could help ease pressure on oil markets in the coming weeks.
