Oil prices briefly surged by more than 5% following claims by Iran that it had struck a U.S. warship with two missiles near the Strait of Hormuz, raising fresh concerns over escalating tensions in the region.
According to Iran’s Fars news agency, the incident allegedly occurred near Jask island, after the American vessel reportedly ignored warnings issued by Iranian authorities before leaving the area. However, the situation quickly became unclear, as a senior U.S. source denied that any American warship had been hit or even present in the area at the time.
Markets reacted immediately to the initial reports, with Brent crude jumping more than 5% to reach $113.8 per barrel, marking a new four-year high. The rally, however, proved short-lived. Following the U.S. denial, prices eased slightly and stabilized at around $112 per barrel.
Meanwhile, U.S. West Texas Intermediate (WTI) crude also recorded gains, rising approximately 3% to $105 per barrel.
Tensions were further heightened after Iran’s Islamic Revolutionary Guard Corps released a new map designating zones of the Strait of Hormuz under Iranian military control. Tehran warned it could take action against vessels violating its rules, intensifying fears over maritime security in one of the world’s most critical energy transit routes.
On Sunday, Donald Trump stated that Washington would seek to “liberate” commercial ships stranded due to the blockade in the area, signaling a potential escalation in U.S. involvement.
At the same time, OPEC+ agreed to increase oil production by 188,000 barrels per day during its first meeting following the departure of the United Arab Emirates, adding another layer of complexity to an already volatile global energy market.
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