Oil prices rise 4% as new military attacks threaten shipping in Hormuz
Oil prices rose more than 4% on Monday as shipments through the Strait of Hormuz remained under threat, with the US and Iran announcing new military strikes. Brent crude futures rose 4.08% to $79.11, while U.S. crude rose 4.11% to $74.36 a barrel.
US forces completed another wave of strikes against Iran on Sunday, striking dozens of targets in multiple locations with precision munitions, Central Command said. Iran's Revolutionary Guard said on Monday it attacked US military bases in Kuwait and Bahrain.
US President Donald Trump said on Sunday that the Strait of Hormuz is open to commercial traffic, although Iran earlier said it closed the strait after a ship traveled an unapproved route and was hit.
About 20% of the world's oil and liquefied natural gas passed through the strait before the war began in late February. Six ships passed through the strait on Sunday, ship-tracking data from Kpler showed, the lowest number in five weeks.
The escalating attacks further cast doubt on the future of an interim US-Iran deal signed last month that aimed to reopen the strait and end the war after another 60 days of negotiations.
Following the deal, global oil supply rose by 4.1 million barrels per day in June but remained 9.4 million barrels per day below pre-war levels, the International Energy Agency said in its monthly report on Friday.
“Hopes for a relatively quick resolution to the recent clashes may be in doubt after the escalation of tensions over the weekend,” analysts said. According to them, the relatively mild rise in oil prices suggested that the market was taking the view that the current escalation represented an escalation within a fragile ceasefire.
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