Dubai, July 8: Global oil prices rose sharply on Tuesday after fresh US strikes on Iran reignited tensions near the Strait of Hormuz, one of the world’s busiest oil transit routes, raising fears of disruptions to global energy supplies.
US benchmark West Texas Intermediate (WTI) crude gained 2.63 percent, reaching $72.29 per barrel, following reports of attacks on commercial vessels near the strategic waterway. The incidents heightened concerns over the security of oil shipments through the region.
Meanwhile, explosions were reported near major Iranian ports. Iran accused the United States of violating the recent peace agreement and warned of a strong response, further escalating tensions.
Market analysts said any disruption in the Strait of Hormuz, through which a significant share of the world’s oil exports passes, could impact global energy markets and lead to higher fuel prices worldwide.