Global oil prices rose sharply as renewed military exchanges between the United States and Iran revived concerns about disruptions to energy flows through the Strait of Hormuz.
Brent crude settled at $95.63 per barrel, up 98 cents, while West Texas Intermediate rose 79 cents to $91.01 per barrel.
Both benchmarks moved sharply during the trading session as investors reacted to reports of the most significant US-Iran attacks in several weeks.
US forces struck targets along Iran’s southern coast, including air-defence systems, radar installations, maritime assets, communications sites and capabilities linked to mine laying.
Iran responded with attacks on US positions in the region.
The military claims and casualty implications remained subject to official reporting from the parties involved.
Energy-market analysts said the immediate concern was whether the escalation would affect physical oil flows through the Strait of Hormuz.
The waterway is one of the world’s most important energy corridors and historically carries a substantial share of global oil and liquefied natural gas consumption.
Iran’s Islamic Revolutionary Guard Corps said the latest US attacks would lead to tighter restrictions on traffic through the Strait.
Preliminary shipping data cited in the report showed only four commodity vessels transited the waterway on Wednesday, below the recent average.
Iran also said two oil tankers were damaged by sea mines while attempting to pass through the Strait.
US Energy Secretary Chris Wright, however, said more than 17 million barrels of oil moved through Hormuz on Monday, which he described as the largest daily volume since the conflict began.
The competing signals have contributed to high volatility in crude markets.
Oil prices also received support from lower US inventories.
The US Energy Information Administration reported a 4.5 million-barrel decline in crude stocks, significantly larger than analysts had expected.
Additional pressure came from Russian missile and drone strikes on energy infrastructure in Ukraine’s Odesa region.
OPEC+ is meanwhile expected to maintain its current production policy for October while beginning discussions around 2027 production quotas. The market remains highly sensitive to any development that could constrain shipping through the Middle East or further tighten global supply
