Brent jumps above $82 as Hormuz tensions disrupt oil supply
Oil prices surged Monday after U.S. and Israeli strikes on Iran intensified fears of a broader regional conflict, raising concerns over disruptions in the Strait of Hormuz — a key route for about 20% of global seaborne oil trade.
Brent crude climbed more than 14% to above $82 per barrel before easing toward $78, while U.S. benchmark WTI rose past $74. Shipping through the strait slowed amid heightened security risks, with an estimated 15 million barrels per day temporarily kept off the market.
Asian stock markets fell on inflation concerns, with Japan’s Nikkei down 1.4% and Hong Kong’s Hang Seng losing 1.9%. The U.S. dollar strengthened on safe-haven demand, pushing the dollar index to its highest level since January.
Analysts warn oil prices could remain elevated unless tensions ease, as Washington signaled the military campaign may last several weeks.
