Oil prices opened the week sharply higher after a new military escalation between the United States and Iran in the Strait of Hormuz. The rise in tensions increased investor concern over possible impacts on global oil supply, as the maritime passage accounts for a significant share of the international trade in the commodity.
In Sunday night trading, WTI oil futures contracts, the benchmark in the United States, rose 3,4%, reaching US$ 73,87 per barrel. Brent, the main benchmark for the international market, also posted a 3,5% gain, trading at US$ 78,67 per barrel.
The market reaction came after the United States Central Command (Centcom) announced a new series of attacks against Iranian positions. According to the military body, Sunday’s offensive took place one day after operations that hit about 140 targets, in response to the Islamic Revolutionary Guard attack on a cargo ship sailing through the Strait of Hormuz.
Tehran’s response did not take long. According to information released by the state agency Tasnim, Iranian forces launched attacks against American military facilities located in Jordan, Kuwait, Bahrain, and Oman, increasing tensions at several points across the Middle East.
As the clashes intensified, conflicting versions emerged about the situation in the Strait of Hormuz. The Iranian state press reported that the Revolutionary Guard had ordered the closure of the maritime passage until further notice. Centcom denied the information and stated that international traffic remains open.
“American forces are positioned and prepared to ensure that freedom of navigation remains available, despite Iran’s aggression, harassment, threats, and unjustified arbitrary statements,” the U.S. Central Command (Centcom) said in a social media post on Sunday. “Iran does not control the strait. Traffic is flowing.”
The current president of the United States, Donald Trump, reinforced this position during an interview with the program Meet the Press, on NBC News, stating that the Strait of Hormuz remained open. Data from maritime intelligence company Windward indicated that nine vessels crossed the region during Saturday.
Even with navigation maintained, maritime authorities are keeping the alert level high. The Joint Maritime Information Center, a U.S.-led naval coalition based in Bahrain, said that the southern route, through Omani waters, remains operational for commercial vessels.
Even so, the body classified the security environment in the region as severe and recommended that civilian ships adopt "extreme vigilance" throughout the crossing.
The attacks carried out over the weekend represent the fourth American offensive against Iran in just one week. Washington says the operations are in response to attacks on commercial vessels using the maritime corridor protected by American forces.
In addition to the military confrontation, the dispute over the enforcement of the provisional peace agreement signed on 17 de junho remains. The United States defends free passage through the international corridor, while Iran insists that ships use a northern route, within its territorial waters.
Before the conflict escalated, about 20% of the oil traded globally passed through the Strait of Hormuz. The volume of vessels fell after the attacks in the region began, but rose again with the signing of the temporary agreement between Washington and Tehran. The new exchange of attacks rekindles market concerns, which is monitoring developments due to the potential impact on global supply and on oil prices.