Oil prices surge following Iranian attacks in Hormuz
Oil prices rose as Iranian attacks disrupted shipping in the Strait of Hormuz. Markets are monitoring supply risks while Asian nations assess their stockpiles.
Global energy markets experienced significant volatility in Singapore as oil prices surged following a major escalation in the Middle East. The conflict, which saw retaliatory attacks by Iran after initial strikes by Israel and the United States that resulted in the death of Iranian Supreme Leader Ali Khamenei, has severely disrupted shipping through the Strait of Hormuz.
Brent Crude Oil Futures rose to as much as $82.37 per barrel, marking their highest level since January 2025, before paring some gains to trade at $78.28. Similarly, WTI Crude Oil Futures climbed to an intraday high of $75.33, later settling around $71.76. Both benchmarks jumped as a sustained exchange of counterattacks damaged tankers and sharply disrupted shipments in the critical waterway.
