Oil prices surged nearly 4% on Thursday after the United States renewed air strikes on Iranian military targets, escalating tensions in the Strait of Hormuz and dashing hopes of an imminent peace deal.
Brent crude climbed 3.55% to $97.64 per barrel, while West Texas Intermediate rose 3.78% to $92.03. The rally followed a sharp 5% drop the previous day on reports suggesting the strategic waterway could reopen within a month.
President Donald Trump dismissed Iranian claims of a Hormuz agreement involving Oman, stating any deal remains distant. The US military targeted Iranian drones threatening shipping and forces in the region. Iran’s IRGC responded with strikes on a US base near Bandar Abbas.
Asian stock markets trimmed gains, with South Korea dropping over 3% and Japan’s Nikkei falling 1.4%. Gold and Bitcoin also declined amid rising geopolitical uncertainty and a stronger US dollar.
The conflict continues to inject volatility into global energy and financial markets.
