Oil prices climbed more than a dollar per barrel as military exchanges between the US and Iran intensified, reviving fears of supply disruptions in one of the world’s most critical energy chokepoints. Brent crude settled at $94.25, up $1.16 on the session, while WTI closed at $91.30, gaining $0.76.
The moves are the latest chapter in a conflict that has kept energy traders on edge since February 2026, when tensions first erupted and briefly sent oil past the $100 mark. That spike cooled as ceasefire discussions gained traction. Now, with strikes escalating again, the market is recalculating just how fragile those diplomatic efforts really were.
The Strait of Hormuz problem
Roughly 20% of global oil shipments pass through the Strait of Hormuz, the narrow waterway between Iran and the Arabian Peninsula. In recent sessions, WTI surged as much as 3.1% to $90.89 while Brent jumped 2.7% to $93.92, reflecting the market’s anxiety about potential supply disruptions.
Bitcoin feels the tremors
