Oil prices surge 13% in first trades after start of US-Iran conflict
Summary
Oil prices surged up to 13% as the US-Iran conflict escalates, disrupting tanker traffic through the strategic Strait of Hormuz and raising fears over global oil and LNG supplies.
Key Points
- Oil prices jumped up to 13% with Brent crude reaching its highest since January 2025 amid the US-Iran conflict.
- Tanker traffic through the Strait of Hormuz has largely halted due to risks and insurer warnings.
- OPEC+ decided to increase crude oil production in April, but market concerns over Hormuz transit remain high.
- Closure of Hormuz Strait would remove about 22% of global LNG supply, significantly impacting energy markets.
