Oil Prices Surge Amid Tensions in the Strait of Hormuz

Oil prices have recorded a sharp rise due to renewed tensions in the Strait of Hormuz, casting doubt on the ceasefire between the United States and Iran. Brent crude rose by almost 6%, reaching $114.44 a barrel.

This increase followed reports of the U.S. military destroying Iranian vessels and claims of Iranian missile attacks on the United Arab Emirates, which Iran denied.

Fears of damage to energy infrastructure and a potential closure of the Strait of Hormuz are increasing risk. Despite U.S. efforts to escort commercial ships, shipping companies are hesitant due to security concerns.

The head of the ITF warned that ships should not pass without security guarantees. According to the IMO, up to 20,000 sailors remain trapped on approximately 2,000 ships.

Brent prices have risen over 50% since February, with an estimated daily production deficit of 14.5 million barrels.