Oil prices surged on Sunday evening, with U.S. crude futures increasing by 3.4% to $73.87 per barrel and Brent futures rising 3.5% to $78.67. This spike follows a series of U.S. airstrikes against Iranian targets in response to attacks on commercial shipping in the strategically vital Strait of Hormuz.
The U.S. military has conducted multiple strikes over the past week, targeting 140 sites after an attack by the Islamic Revolutionary Guard Corps on a container ship. In retaliation, Iran has launched strikes on U.S. military facilities across the region and has claimed control over the Strait, although the U.S.
Central Command has disputed this, asserting that the strait remains open for lawful transit. The ongoing conflict is rooted in differing interpretations of a peace deal signed in June, which aimed to stabilize shipping routes.
With approximately 20% of the world's oil supply passing through Hormuz, the situation poses significant risks to global energy markets, prompting calls for heightened vigilance among mariners in the area