By Global oil prices spiked sharply on Thursday after the United States conducted new airstrikes on Iranian military targets, intensifying fears of prolonged disruption to energy supplies through the critical Strait of Hormuz.
The US Central Command (CENTCOM) confirmed strikes on a military site in the strategic port city of Bandar Abbas in southern Iran. CENTCOM also reported shooting down four Iranian drones that posed an immediate threat to maritime traffic around the Strait of Hormuz.
The strikes mark the second US attack on Iranian targets in just three days, despite ongoing diplomatic talks aimed at ending the three-month-old conflict. Washington described the operations as self-defence measures to protect American forces and commercial shipping.
Benchmark Brent crude jumped 3.75% to $97.83 per barrel, while West Texas Intermediate (WTI) rose nearly 4% to $92.22 per barrel in early trading. Energy markets had fallen earlier this week on optimism that a ceasefire deal would soon reopen the vital waterway.
The Strait of Hormuz, through which roughly one-fifth of the world’s oil and liquefied natural gas (LNG) passes, has been effectively closed since the conflict escalated, triggering major volatility in global energy prices. Brent crude briefly hit $120 per barrel shortly after US and Israeli strikes began on February 28, having traded near $70 before the war erupted.
Iran condemned the latest US action as “a grave violation of the ceasefire” and vowed a strong response. “We will not leave any act of hostility unanswered,” a statement from Tehran said.
Kuwait’s military reported intercepting “hostile missile and drone threats” on Thursday, though it provided no further details on the source or targets.
The renewed violence comes as both sides had been engaged in negotiations to restore stability in the Gulf. The US has repeatedly stated that its operations are limited and defensive, while Iran views the continued strikes as aggressive provocations.
Analysts warn that any prolonged closure or disruption in the Strait of Hormuz could push oil prices even higher, potentially reigniting inflationary pressures worldwide. With roughly 21 million barrels of oil passing through the strait daily, the conflict remains a major risk factor for global energy security.
The Trump administration has signalled it will continue targeted actions until Iranian threats are sufficiently neutralised, even as diplomatic efforts continue in parallel. The coming days are expected to be critical in determining whether the fragile truce can be salvaged or if further escalation is inevitable.
