Jakarta, ThedailyID — Global oil prices surged more than 2% on Thursday after Iran announced the closure of the Strait of Hormuz, one of the world’s most important energy shipping routes. The move reignited concerns over global supply disruptions and pushed crude prices to their highest levels in weeks.
Brent crude futures climbed to around US$95 per barrel, while US benchmark West Texas Intermediate (WTI) rose above US$92 per barrel. Traders responded quickly as tensions between Iran and the United States escalated once again.
Iran announced the closure following renewed US military strikes and fresh warnings from President Donald Trump. In response, Iranian military officials warned that they would target vessels attempting to pass through the strategic waterway.
The Strait of Hormuz serves as one of the world’s most critical energy corridors. Roughly one-fifth of global oil supplies move through the narrow passage connecting the Persian Gulf to international markets. Therefore, any disruption immediately affects energy prices worldwide.
Energy markets reacted sharply because a prolonged closure could restrict oil exports from major producers in the Middle East. Consequently, investors rushed to price in the risk of tighter global supplies.
The latest spike marks a sharp reversal from earlier this week. Oil prices had fallen after hopes emerged that regional tensions might ease following calls for de-escalation between Iran and its rivals.
Analysts warn that prices could rise further if the standoff continues. Some market observers believe crude could move closer to the US$100-per-barrel level if shipping disruptions worsen in the coming days.
Higher oil prices could also increase costs for transportation, manufacturing, and fuel imports worldwide. As a result, governments and businesses are closely monitoring developments in the Gulf region.
