Jakarta, ThedailyID — Global oil prices rose again after the United States launched fresh military strikes targeting Iranian assets, increasing fears of wider conflict in the Middle East.
Brent crude futures climbed more than 3 percent and approached US$98 per barrel, while West Texas Intermediate (WTI) also recorded strong gains following the escalation.
The market reaction came after reports stated that US forces carried out additional strikes on Iranian military sites near the Strait of Hormuz.
Meanwhile, Iran reportedly launched retaliatory actions targeting a US airbase, further increasing concerns surrounding energy supply disruptions in the Gulf region.
The Strait of Hormuz remains one of the world’s most important shipping routes because around one-fifth of global oil and gas trade passes through the narrow waterway.
Investors continue closely monitoring developments in the region because any disruption in the Strait of Hormuz could immediately affect global oil supply and transportation costs.
Oil prices previously declined earlier this week after reports suggested Iran and the US discussed a possible agreement to reopen commercial shipping routes.
However, the latest military escalation quickly erased optimism surrounding potential diplomatic progress.
Analysts said geopolitical tensions in the Middle East continue becoming one of the biggest drivers behind volatility in global energy markets.
Several experts also warned that prolonged conflict between the US and Iran could push oil prices even higher in the coming weeks.
Meanwhile, traders also monitored declining US crude inventories, which added further pressure to oil markets.
Global financial markets remain sensitive to every development involving Iran, the United States, and the Strait of Hormuz because of their direct impact on energy prices worldwide.
