Oil prices climbed sharply after renewed clashes between the United States and Iran in the Strait of Hormuz pushed their fragile ceasefire close to collapse.
Futures for Brent crude surged by as much as 7.5% during volatile trading on Thursday before easing slightly as Asian markets opened on Friday, News.Az reports, citing Al Jazeera.
The global oil benchmark traded at $101.12 per barrel at 03:00 GMT, retreating from an earlier session peak of $103.70.
The latest spike followed an exchange of fire between US and Iranian forces in the strategically vital strait, through which roughly one-fifth of the world’s oil and natural gas supplies pass, despite the ceasefire announced on April 7.
United States Central Command said it launched strikes against Iran after three US Navy guided-missile destroyers came under attack from Iranian missiles, drones and small boats in the waterway.
Earlier, Iran’s Khatam al-Anbiya Central Headquarters accused the US of breaching the ceasefire by targeting an Iranian oil tanker and another vessel near the strait.
The Iranian military command also alleged that US strikes hit civilian areas, including Qeshm Island.
US President Donald Trump sought to downplay the confrontation on Thursday, insisting that the ceasefire was still holding. Meanwhile, Iran’s state-run Press TV reported that conditions had returned “back to normal.”
Shipping traffic through the Strait of Hormuz has remained near a standstill since late February because of fears of Iranian attacks on large oil tankers that transport much of the world’s energy supplies.
Brent crude prices have now risen roughly 40% compared with levels before the conflict, amid an estimated global production shortfall of 14.5 million barrels per day.
Asian financial markets opened lower on Friday as tensions escalated. Japan’s Nikkei 225, South Korea’s KOSPI and Hong Kong’s Hang Seng Index each dropped more than 1%.
On Wall Street, the benchmark S&P 500 declined about 0.4% overnight after reaching a record high a day earlier.
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