Oil prices climbed sharply on Thursday, continuing the upward trend seen in recent days. The increase reflects growing geopolitical tensions and concerns over disruptions to global supply routes.
After Asian markets opened, the price of Brent crude from the North Sea rose from around $100 to more than $103 per barrel. At the same time, U.S. West Texas Intermediate oil prices climbed from $92 to over $94 per barrel. These gains highlight market anxiety as investors react to instability in key shipping lanes.
Although Donald Trump extended a two-week ceasefire with Iran, tensions between the two sides remain high. Both countries continue to interfere with maritime traffic. Each side has taken separate actions against commercial and oil vessels, which has further strained the situation.
As a result, shipping movement through the Strait of Hormuz has become more restricted. This vital passage handles a large share of global oil exports, so any disruption quickly affects international markets.
Iran has reportedly seized two vessels in recent days. Meanwhile, U.S. naval forces have blocked three ships carrying Iranian flags from approaching the strait. These actions have increased uncertainty and raised fears of further escalation.
In addition, Mohammad Bagher Ghalibaf stated that the ceasefire will only be meaningful if U.S. restrictions on Iranian ships are lifted. His remarks signal that diplomatic progress remains fragile.
Overall, the situation continues to push oil prices higher. Markets remain sensitive to developments in the region. Therefore, any further escalation could drive prices even higher in the coming days, especially if supply routes face additional disruptions.
