Arabic version: أسعار النفط ترتفع مع تصاعد المواجهة بين الولايات المتحدة وإيران في هرمز

Oil prices have surged above $106 per barrel due to escalating tensions between the United States and Iran in the Strait of Hormuz. This increase follows a series of tit-for-tat captures of commercial vessels by both nations, intensifying the standoff over this critical maritime route for global energy transportation. According to Al Jazeera, Brent crude reached $106.80 as of 01:00 GMT, marking a nearly 5 percent rise from its closing price on Wednesday.

The Strait of Hormuz is vital, carrying approximately one-fifth of the world’s oil and natural gas supply, but shipping in the area has come to a standstill. Iran insists on controlling which vessels can pass, while the US continues to block Iranian maritime trade. Recent statements from US President Donald Trump indicated a hardening stance, as he ordered the Navy to destroy any Iranian boats laying mines in the strait and claimed that no ship could enter or leave without US approval.

This escalation follows the Iranian Islamic Revolutionary Guard Corps’ announcement of capturing two foreign cargo ships, alleging they endangered maritime security. However, the Greek Maritime Affairs Ministry has denied that one of the vessels, the Epaminondas, was seized, asserting that it remains under its captain’s control.

The situation has severely impacted maritime traffic in the strait. Only nine commercial vessels transited the waterway on Wednesday, compared with seven on Tuesday and 15 on Monday, according to maritime intelligence platform Windward. This is a significant drop from the average of 129 daily transits prior to the US and Israel’s military actions against Iran, which began on February 28. The current blockade and rising oil prices reflect the growing geopolitical tensions in the region.