Oil shipments through the strategic Strait of Hormuz have been suspended by major companies amid the Iran–US–Israel conflict, fuelling fears of crude price spikes.
Crude oil prices could rise sharply after several major oil companies suspended shipments through the Strait of Hormuz a key global oil transit route amid escalating conflict involving Iran, the Donald Trump-led United States and Israel, according to market reports. The suspensions came as tensions spiked following coordinated military strikes and retaliatory attacks in the region, raising fears that disruption to flows through the strait could disrupt global supply and push prices even higher.
As of Saturday trading, Brent crude was quoted near around $72–$73 per barrel, with some analysts forecasting further gains if the conflict worsens or access to the Hormuz chokepoint is restricted. The potential closure or reduction of shipments through the strait which accounts for about a fifth of the world’s oil consumption would heighten energy market volatility and contribute to elevated fuel costs globally.