Crisis in the Strait of Hormuz: Oil prices rise again, reaching $80 per barrel

Oil prices climbed by more than 4% on Monday as escalating military tensions between the United States and Iran continued to threaten energy supplies through the Strait of Hormuz, one of the world's most important oil shipping routes.

Brent crude futures rose by $3.10, or 4.08%, to reach $79.11 per barrel, while U.S. West Texas Intermediate (WTI) crude gained $2.95, or 4.11%, to trade at $74.36 per barrel.

The market reaction followed a new wave of U.S. strikes against targets in Iran. According to U.S. Central Command (CENTCOM), dozens of targets were hit with precision-guided munitions. Meanwhile, Iran's Revolutionary Guard said it had launched attacks on U.S. military bases in Kuwait and Bahrain.

U.S. President Donald Trump stated that the Strait of Hormuz remains open to commercial shipping. However, Iran had earlier announced its closure after a vessel was reportedly struck while sailing through what Tehran described as an unauthorized route.

Before the conflict escalated at the end of February, around 20% of global oil and liquefied natural gas trade passed through the Strait of Hormuz. According to data from Kpler, only six vessels transited the strategic waterway on Sunday, the lowest number recorded in the past five weeks.

The escalation of the fighting has also increased uncertainty over the future of the temporary agreement between the United States and Iran, signed last month, which was intended to guarantee safe navigation through the Strait of Hormuz and create conditions for further negotiations.

The International Energy Agency (IEA) reported that, following the agreement, global oil supply increased by 4.1 million barrels per day in June, but remained 9.4 million barrels per day below pre-conflict levels.

ANZ analysts warned that hopes for a swift diplomatic solution have faded following the weekend's developments. Meanwhile, IG market analyst Tony Sycamore said the relatively moderate reaction in oil prices suggests investors still believe the situation represents a limited escalation rather than a complete collapse of the ceasefire. However, he stressed that it remains to be seen whether that assessment will prove accurate.

“KORÇA BOOM”