LONDON — Oil prices surged more than 8% on Saturday as clashes between U.S. and Iranian forces in the Strait of Hormuz disrupted shipping through the vital waterway, market participants and energy analysts said.
Brent crude futures jumped to their highest level since early in the year after reports of fresh U.S. strikes on Iranian tankers and Iranian responses that briefly halted tanker movements, traders said. West Texas Intermediate crude followed a similar path, with both benchmarks rising sharply in Asian trading.
The price spike came after U.S. Central Command confirmed strikes on two more Iranian-flagged tankers attempting to breach a naval blockade on Friday. Iranian officials said their forces had fired back in the area, causing temporary closures to commercial shipping, according to statements carried by Iranian state media.
“Markets are reacting to the real risk of supply disruptions from the world’s most important oil chokepoint,” said a senior analyst at a major trading house, speaking on condition of anonymity due to company policy.
The Strait of Hormuz handles about one-fifth of global oil shipments. Even short disruptions can send shockwaves through energy markets, industry officials have noted in past incidents. Several major oil companies and tanker operators diverted vessels or delayed sailings on Saturday as a precaution, shipping sources said.
U.S. officials described the actions as necessary to enforce the blockade amid ongoing tensions. Iranian authorities called the U.S. strikes “aggression” and vowed to protect their maritime rights, according to comments attributed to a Foreign Ministry spokesperson. Details on the extent of any physical damage to shipping infrastructure or exact duration of disruptions remained unclear.
Energy traders and analysts warned that prolonged instability could push prices higher. OPEC+ members have indicated they are monitoring the situation closely but have not announced immediate production changes.
The latest escalation follows a series of incidents in recent days that have already tightened oil supply expectations. Global inventories remain relatively comfortable, but fears of a wider conflict affecting exports from Iran and potentially other Gulf producers have driven the rally.
As of midday Saturday in London, Brent crude was trading well above $90 per barrel, up sharply from Friday’s close, according to exchange data. West Texas Intermediate rose by a comparable margin.
Shipping sources reported that some vessels had resumed cautious movements through alternative routes, but traffic in the strait itself was limited. Diplomats from multiple countries were engaged in efforts to de-escalate the situation, officials said. The market situation was expected to remain volatile in the coming days.
