Oil prices started the week sharply higher, with the barrel of Brent Oil today surpassing the US$ 90 mark, as market concern grows over the continuation of the conflict between the United States and Iran. The intensification of military operations heightened fears of disruptions in global energy supply, especially due to the strategic importance of the Strait of Hormuz for oil transportation.
Brent, the main international benchmark for crude oil contracts, rose about 2,77% during trading. At the same time, West Texas Intermediate (WTI) oil contracts for September delivery also posted a similar increase, while the August contract rose approximately 2,4%, trading near US$ 84,49 per barrel.
The new increase came after United States military authorities confirmed the death of a third American soldier during recent operations. At the same time, investigators found human remains not yet identified near the site of an Iranian attack in Jordan, where two American service members had previously been killed and another remained missing.
Meanwhile, American forces continued with the ninth consecutive night of attacks against Iranian facilities. In a statement published on the social media platform X, U.S. Central Command declared: “The attacks will continue to degrade Iranian military capabilities used to attack commercial ships and civilian sailors transiting through the Strait of Hormuz.”
According to Centcom, the bombings targeted coastal surveillance systems, air defenses, vessels, missile depots, and drones, as well as units of the Islamic Revolutionary Guard identified as responsible for the July 17 attack against American service members in Jordan.
The military escalation increases investor concern regarding the flow of oil through one of the world's most important maritime routes. Any significant disruption in the Strait of Hormuz could reduce international supply and put further pressure on commodity prices.
With the conflict between the U.S. and Iran remaining at the center of attention in global markets, investors continue to monitor new developments that could influence both oil supply and the trajectory of international commodity prices.