Oil Prices Rise as Strait of Hormuz Shipping Slows

Global Oil Prices Climb Amid Hormuz Shipping Disruptions

Oil Prices Rise as Strait of Hormuz – TEMPO.CO, Jakarta — Recent tensions between the United States and Iran have intensified security concerns along the Strait of Hormuz, the vital maritime passage for global energy trade. This has led to a rise in oil prices and a noticeable decrease in commercial vessel traffic through the strategic waterway, according to reports from local and international news outlets.

Following Iran’s attack on a container ship in the strait, the U.S. responded by targeting approximately 140 locations within Iran. The retaliatory strikes marked a new phase in the ongoing conflict, which has disrupted the usual flow of maritime traffic. Kpler, a maritime analytics firm, observed a sharp decline in shipping activity, with only 22 vessels navigating the strait on Thursday—far below the pre-conflict average of over 130 daily crossings.

As per ANTARA, the Brent crude benchmark climbed by roughly 3.5 percent to nearly $79 per barrel, surpassing pre-war levels by almost nine percent. This increase reflects market anxiety over the potential for further disruptions in the region, which remains a key route for oil transportation.

Market Uncertainty and Geopolitical Risk

“The latest attacks are eroding confidence in commercial shipping companies,” said Amena Bakr, head of Middle East research at Kpler, as noted by The New York Times. “Confidence has been very quickly undermined. We’re back to square one in terms of stability in this situation.”

The International Energy Agency (IEA) reported that Gulf oil exports rebounded after the initial U.S.-Iran ceasefire last month, contributing to a global supply boost. However, the agency cautioned that broader market recovery hinges on a swift de-escalation of hostilities.

“Energy markets are now accustomed to recurring tensions in the region,” Bakr added. “The price movements haven’t fully captured the actual risks or the current geopolitical climate.”

As the conflict continues, analysts warn that prolonged disruptions could have long-term implications for global energy markets and pricing. For real-time updates, follow Tempo on Google News.