Global oil climbs to six‑week peak amid escalating US‑Iran clashes in Hormuz

Oil futures surged to their highest levels in six weeks on Wednesday, driven by fresh confrontations between U.S. forces and Iranian-backed groups in the Strait of Hormuz, Al Jazeera reported. The price spike reflects market anxiety over the possibility of a prolonged interruption to one of the world’s most vital oil corridors.

The latest flare‑up involved a series of missile and drone attacks aimed at commercial vessels transiting the narrow waterway, prompting several ships to reroute or halt their journeys. Shipping companies confirmed that traffic density dropped sharply as crews awaited clearance, and naval patrols from both sides intensified their presence in the area.

The Strait of Hormuz, a 21‑mile channel linking the Persian Gulf with the Gulf of Oman, carries roughly 20% of global petroleum shipments. Its strategic importance has made it a flashpoint in past crises, from the 2012 Iranian attacks on tankers to the 2019 drone‑strike incidents that temporarily halted flow. Any disruption there reverberates through international markets, prompting price volatility and prompting governments to reinforce naval security.

In the wake of the strikes, Brent crude rose by over $2 per barrel, while U.S. West Texas Intermediate (WTI) posted a similar gain. Analysts note that even a brief bottleneck can tighten supply expectations, especially as global demand remains robust after the post‑pandemic rebound. The price movement also pressures economies heavily dependent on oil imports, potentially accelerating inflationary pressures.

Looking ahead, market participants are watching diplomatic channels closely. While the United States has signaled a willingness to de‑escalate, Tehran’s rhetoric suggests it will continue to leverage the strait as a bargaining chip. Traders warn that any further escalation could push prices toward new monthly highs, underscoring the fragility of supply routes that underpin the global energy system.