U.S. Crude Tops $80 as Escalating Iran War Disrupts Fuel Supplies and Freezes Hormuz Traffic
U.S. crude oil prices surged on Thursday and pushed above $80 a barrel as the escalating Iran war disrupted global fuel supplies, with tanker traffic through the Strait of Hormuz effectively at a standstill following attacks and rising security risks.
West Texas Intermediate (WTI) jumped 8.51% (up $6.35) to settle at $81.01 per barrel. Global benchmark Brent rose 4.93% (up $4.01) to close at $85.41 per barrel. U.S. crude has climbed roughly 21% this week, reflecting a sharp repricing of war-related supply risk.
The surge is also filtering into consumer fuel costs. U.S. retail gasoline prices have risen by nearly 27 cents from last week to an average of $3.25 per gallon, according to the motorists group AAA—an increase that echoes the spike seen in March 2022 after Russia’s invasion of Ukraine.
On the security front, Iranian state media reported that Iran claimed to have struck an oil tanker with a missile. The country’s Revolutionary Guard also ordered the closure of the Strait of Hormuz earlier this week and warned it could target tankers passing through the chokepoint.
Separately, the British Navy reported a large explosion at a tanker anchored in Iraqi territorial waters on Thursday. The ship’s master said a small vessel was seen fleeing the area. The crew was reported safe and no fires were confirmed.
Since the U.S.-Israeli war against Iran began, tanker movements through Hormuz have largely frozen as shipowners reassess the rapidly deteriorating security environment. The strait is a critical artery for the energy system, carrying about 20% of global oil consumption.
President Donald Trump said Tuesday the U.S. would provide political risk insurance for tankers transiting the strait, and that the U.S. Navy would escort ships through the Persian Gulf if necessary—moves aimed at preventing the conflict from tipping into a broader energy shock.
Source : Newsmaker.id
