"Oil prices rose sharply when market trading began Sunday, as U.S. and Israeli attacks on Iran and retaliatory strikes against Israel and U.S. military installations around the Gulf sent disruptions through the global energy supply chain. Traders were betting the supply of oil from Iran and elsewhere in the Middle East would slow or grind to a halt."
"Roughly 15 million barrels of crude oil per day—about 20% of the world's oil—are shipped through the Strait of Hormuz, making it the world's most critical oil chokepoint, according to Rystad Energy. Tankers traveling through the strait, which is bordered in the north by Iran, carry oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the UAE and Iran."
"West Texas Intermediate, the light, sweet crude oil produced in the United States, was selling for about $72 a barrel Sunday night, according to data from CME group, up around 8% from its trading price of about $67 on Friday. A barrel of Brent crude, the international standard, was trading at around $79 per barrel Sunday night, up about 8%."
Oil prices surged sharply following U.S. and Israeli military actions against Iran and subsequent retaliatory strikes in the Gulf region. Market traders responded by betting that oil supplies from Iran and other Middle Eastern producers would diminish significantly. Attacks on vessels in the Strait of Hormuz, a critical shipping channel through which approximately 15 million barrels daily—roughly 20% of global oil supply—pass, raised concerns about export restrictions. West Texas Intermediate crude rose about 8% to $72 per barrel, while Brent crude increased similarly to $79 per barrel. Energy experts warned that prolonged regional disruptions would likely result in higher crude oil and gasoline prices globally.
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