Brent crude futures surged to an intraday peak of $82.37 per barrel, the highest level since January 2025, before easing slightly. By 0605 GMT, the global benchmark was still up $5.41, or 7.4%, at $78.28 a barrel.
US West Texas Intermediate (WTI) crude also posted sharp gains, climbing to a session high of $75.33, marking a rise of more than 12% and its strongest level since June. Prices later moderated, with WTI trading $4.74 higher, or 7.1%, at $71.76.
The rally in both benchmarks followed intensified hostilities in the Gulf region, where reciprocal attacks have damaged oil tankers and severely disrupted shipping through the Strait of Hormuz, a vital maritime corridor between Iran and Oman linking the Gulf to the Arabian Sea.
Roughly one-fifth of global oil consumption passes through the Strait each day, including crude exports from Saudi Arabia, the UAE, Iraq, Iran and Kuwait, as well as refined products bound for major Asian importers such as China and India.
Shipping data showed over 200 vessels waiting outside the Strait, while three tankers were hit and one crew member killed. Asian nations are now reviewing stockpiles and alternative supply routes to counter potential prolonged disruptions.
